Tourism revenues up 27.0% y/y in 2017
Tourism revenues were up 27.0% y/y to US$ 2.75bn in 2017, according to NBG’s preliminary figures. In 2017, total international arrivals increased 18.8% y/y to 7.6mn visitors, while tourist arrivals increased 27.9% y/y to 3.5mn.
Georgia’s Tax Code exempts taxes on capital gain and interest income
In the context of Georgia’s capital market development, Georgia’s amended Tax Code provides for preferential treatment of capital gain and interest income on debt and equity instruments issued by a resident legal entity through a public offering and admitted for trading on an organized market recognized by the National Bank of Georgia; In this context, as of January 2018, resident and non-resident individuals and non-resident legal entities are exempt from personal and corporate income taxes on capital gain from debt and equity securities and on interest income from debt securities. In addition, the tax exemption on interest income from debt securities will apply to securities issued before January 1, 2023.
