50 Enterprises in Mountainous Areas Benefitting from Special Taxation System

The Georgian Ministry of Finance announced that 50 enterprises located in different mountainous areas are already benefitting from the Mountain Law state program. The special taxation system allows entrepreneurs in the mountainous regions of the country to be exempt from paying profit and property taxes for legal entities, while physical entities are exempt from paying income and property taxes for a ten-year term.

The program was initiated this year and already has 50 businesses benefitting from it. The main aim of the program is to make doing business in mountain areas easier, as well as to develop such directions as furniture manufacturing, construction, production of wine, beer and soft drinks, producing milk and processing milk products, baking, production of agricultural products, poultry farming, and more.

“50 companies are already operating under the new legislation,” said Nodar Khaduri, the Minister of Finance of Georgia. “Moreover, we are actively working in this direction to promote the scheme, running various information campaigns to highlight the benefits available to encourage the establishment of more enterprises in the regions.”

Any interested party can submit an application to the Revenue Office of the Ministry of Finance, with the final decision being made at a Governmental meeting.

Eka Karsaulidze