Georgian Finance Ministry has developed a project of tax code changes by the initiative of PM Giorgi Kvirikashvili, which anticipates implementation of Estonian taxation system.

According to Bizzone.info, Finance Minister Nodar Khaduri stressed that any company that diverts unallocated profits into enterprise investment and development will not pay profit tax.

According to the Minister, the reform will speed up economy growth and have a positive impact on decrease of current account deficit, promote stabilization of national currency rates, increase of production efficiency, and amount of capital investment in general, as well as provide more opportunities for business development. That will raise foreign investors’ interest and promote foreign investments inflow.

Georgian Government accepted the bill at the meeting on February 11 and will send it for Parliament’s approval. Finance Ministry plans to enact the new taxation system starting from July 1.