The Georgian authorities decided to free citizens with income up to GEL 1.5 thousand (about $ 468.8) from paying income tax for six months, but not all benefits will be affected, according to Ministry of Finance.
Tax benefits are part of a large anti-crisis plan of the Government of Georgia, which aims to help those left without income during the spread of coronavirus and to encourage workers.
According to the government’s plan, private-sector workers with salaries of up to 1.5 thousand lari will not pay income tax. In this case, the amount of 750 GEL (about 234.4 dollars) will not be taxed, that is, with a salary of 1.5 thousand GEL, the income tax will be calculated only from 750 GEL, and not from the full amount.
To receive a tax exemption, an employer must submit a monthly tax return.
According to the anti-crisis plan of the government, compensations in various sizes will be received by those who are left without work, self-employed, socially vulnerable and persons with disabilities. The amount of compensation will depend on the specific category.
Even before the plan was announced, the Georgian government had already assisted some entrepreneurs. So 4.5 thousand representatives of the tourism business until November 1 delayed the payment of property tax and income tax.
The government also 80% subsidized small hotels with a six-month interest rate on bank loans. Also, 38 thousand auto importers received a postponement of customs duties.