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The Georgian Government has developed a new anti-crisis package, within the framework of which it will provide all possible assistance to residents and businesses in an extremely difficult epidemiological situation in the country.

The Minister of Economy Natia Turnava has stated that “the budget, which was submitted to [the] parliament, reflects two main directions – care for citizens and care for the economy, which will be relevant in the post-pandemic period.”

The following tax exemptions and compensation aid schemes have came into force during December 2020:

Applicable to employees who have retained their jobs: Employees whose salaries do not exceed 1,500 GEL will be partially exempted from payment of personal tax, with the maximum exempted amount being 750 GEL. The exemption period is 6 months starting from December 2020.
Applicable to employees who no longer receive salaries: Employees who are not receiving salaries any longer, due to the situation, can receive compensation aids from the Government. Specifically, they will receive 200 GEL / month for a period of 6 months (1200 GEL in total). If an employee worked in several companies and lost just one of them and receives a salary from another one, they will not be eligible to receive compensation aid from government.
Applicable to the self-employed: Compensation aid for the self-employed amounts to a one-time payment of 300 GEL. A self-employed is a person who does not work for any company by virtue of a labor contract.

State assistance can be used by individual entrepreneurs, individuals with small business status, individuals paying a flat tax, as well as individuals with microbusiness status who were forced to stop their activities due to restrictions.

Eurofast is a regional business advisory organisation employing local advisors in over 23 cities in South East Europe & Middle East (SEEME). The Organisation is uniquely positioned as one stop shop for investors and companies looking for professional services in South East Europe & Middle East. 

Irina Lopatina
Country Executive
Eurofast Global Georgia
irina.lopatina@eurofast.eu

31/12/2020

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