Instant VAT Reclaims to Be Made Available for up to 150,000 Companies

During Thursday’s governmental meeting, the Prime Minister, Giorgi Gakharia, discussed the latest VAT return reform, which is set to enable almost 150,000 companies to reclaim VAT automatically, virtually instantaneously.

He noted that this means that, annually, about a billion GEL will return to the business sector without any difficulties, instantaneously, a reform unparalleled in the country in decades.

The PM thanked the Finance Ministry for implementing this systemic reform.

"Alongside the fight against COVID-19, we also have the vitally important task of dealing with the recession. In this regard, we, at the very beginning of the first wave, joined forces with the Finance Ministry and started working on the automatic VAT return, a reform of profound significance, something that no previous government has been able to accomplish. This reform implies that almost 150,000 companies will be able to reclaim VAT automatically, virtually instantaneously, and that, every year, about a billion GEL will return to business without any difficulties, instantaneously, a reform unparalleled in the country in decades, one designed to support the development of medium-sized business and to keep jobs. Especially valuable is this reform in light of the ongoing economic crisis, and it is of special importance for keeping potential alive for rapid economic recovery. I would like to thank the Finance Ministry for implementing this key systemic reform," Giorgi Gakharia said.