Businesses to Take Back GEL 400 mln from the Government

According to GBC, over-paid VAT will be returned to businesses within the draft budget of 2019. 

The aggregate data of the past eight months outlines that the return amounted to GEL 280 mln in the current year. As for the year 2019, approximately GEL 4.9 mln of the VAT rate is expected to be given back to businesses. 

In addition to the 2019 draft budget, according to the changes in the budget and local self-governance terms, instead of equalized transfer and income taxes, municipalities will be directed to a 19% VAT. 

Taking into consideration the 19% VAT, the state budget share equals to GEL 4B mln, out of which municipalities' shares amounts to GEL 946 mln. 

By Anna Zhvania

Source: GBC