Georgia-Amendments to the Tax Code related to VAT rules

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The government of Georgia submitted a draft law to the parliament on 5 December 2016 addressing certain amendments to the existing Tax Code. According to the proposed amendments, in case of an advance payment of VAT the taxable supply date will be changed if the payment has been made before the delivery of goods and services.

An invoice will be given for advance payment of VAT and this will allow the deduction of the input VAT.

Also, the date of the taxable transaction in case of transfer of immovable property will be the date of drafting the title deed to be filed with a registration authority.

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