Georgia has increased its DTT portfolio to now count 54 countries following the addition of one more treaty entering into force in late 2016.
The double taxation avoidance agreement signed between Georgia and Liechtenstein in May 2015 entered into force on 21 December 2016 and is effective as of the beginning of 2017. It aims at increasing economic cooperation between the two countries and to mutually attract more foreign investments.
The treaty includes provisions for zero-rated withholding tax. All types of income (dividends, interest and royalties) beneficially owned by a resident of one state will deemed to be only taxable in that state, with no withholding tax imposed in the other state (from which they are being paid).
Recently Georgia also signed double tax agreements with Kyrgyzstan, South Korea and Iceland.
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