Adviser of President meet with representatives of local and international representatives
 Tbilisi 11:50 - 11.08.16 «GHN»
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Maya Mikeladze, adviser of President met with representatives of local and international audit companies.
Audit companies now are facing a number of problems. At the Presidential Palace the meeting was hold on problematic questions of these companies. After the meeting Maya Mikeladze underlined, three main problems were shaped this time. One of them is the Estonian model of taxation that will enter into the force from January 1 of 2017. According to the Estonian model the companies will not pay income taxes. But in case if they will use its dividends, only those dividends will be taxed.

"The initiative of the Prime Minister is welcomed, as it gives a possibility to invest into the private sector. Audit companies representatives are estimating positively this novelty. Nevertheless, they think would be better if the companies will be given a choice, as some shortcomings are alongside with this model that might be evident only in practice. Also we have to find out if the Revenue Service is ready for such changes." - Maya Mikeladze tells.

At the meeting parties discussed as well the Tax Code components. The interpretation of the legal document often differs case-by-case basis by the business representatives and the government. The audit representatives often are facing such problems, when they are advising on issues. Also the term of investment does not exist in the legislation, and foreign investors often are facing problems in absence of the clear term of the investment.
At the Presidential Palace the audit companies representatives from PwC Georgia, Ernst & Young, Kreston International, Crowe Horwath, Grant Thornton Akhvlediani were discussing these questions.

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July, 2019
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