The Parliament approved amendments to the Tax Code which will be entering into force the moment it receives the signature of the President and receives the publication in the Official Gazette.
The Parliament adopted the amendments made to the Tax Code to the first reading submitted by the government, on 14th December 2017. The amendments being made consists of the tax liability to be recognized only after the submission of an electronic notification on the refusal to the appeal the decision, by the tax payer. The amendments mainly address corporate income taxation of profit-sharing companies, aligning the national tax system with the corporate income tax. Furthermore, it also consists of treating the transfer of company shares as a dividend until or unless the shares are issued by a resident legal entity in a public offering and are traded organized stock exchange which are approved by the National Bank of Georgia.
