Finance Minister: Amid Economic Downturn, Budget Lost 2.2 bln GEL Tax Revenues

Assessing the impact of the pandemic on tax revenues, Finance Minister Ivane Machavariani said that as a result of the pandemic, the budget would have a deficit of 1.2 billion in tax revenues this year compared to the initial plan.

"It's worth noting that this is just a deficit from the economic downturn, and it does not include the more than $300.0 million in tax relief that we have imposed in the form of income and property taxes to support businesses and maintain jobs. In total, in 2020-2021, as a result of the economic downturn alone, the budget lost 2.2 billion GEL in tax revenues compared to that planned,” said Ivane Machavariani.

By Ana Dumbadze