Entrepreneurship development is your priority direction, especially small business sector. If delivering my presentation at the Parliament before voting towards new cabinet regarding ministers, I noted which we would launch your second stage of small enterprise support efforts soon after successful implementation of agriculture projects in Enterprise Georgia point out program.
And now i am introducing a new step and I would like to thank Mamuka Bakhtadze, who has proposed a very exciting legislative package from today’s government getting together with, Georgian Prime Minister Giorgi Kvirikashvili noted during today’s government assembly.
The new tax bill calls for introducing preferential taxation program for small business people. Namely, turnover taxes will shrink 5 times and 5% tax will be reduced to 1%. Moreover, currently companies with turn over of about 100 1,000 GEL are classified as small business owners, while the new payment lifts this major margin to 700 000 GEL. We think this is a very important choice for small online marketers. Tax burden will probably considerably decline and indeed, new entrepreneurs might be incentivized.
I believe that our online marketers will make a usage of these preferences along with launch new businesses. This decision is going to oxygenate small enterprises for producing their business companies, the Prime Minister said.