Levan Kakava: Amendments prepared through close cooperation between the government and the private sector will considerably simplify tax administration processes

26-June-2020

“The amendments, which have been prepared through close cooperation between the government and the business sector will considerably simplify tax administration processes saving time and cost for the business” said Head of Revenue Service of The Ministry of Finance.

As he explained, no fee will be collected for the write-off of damaged/spoiled goods valued at less than 100 lari. Catering facilities will be able to write off damaged goods in a simplified manner, while Commercial facilities will be exempted from taxes on the food loss accounting for 1% of the income received;

“No fee will be collected for the review of the applications claiming the write-off of damaged/spoiled goods of insignificant value. Besides, as far as it is known, the storage of damaged goods involves certain expenses. More specifically, because of difficult write-off procedures, the catering facilities need to record spoiled goods as sold and pay taxes for them. Based on the amendments prepared through consultations with the businesses, the catering facilities which have an orderly bookkeeping system and have never been fined for avoiding the use of cash register or for carrying the goods without the bill of sale, will be able to write off in a simplified manner (by submitting one cost-accounting statement per month) the goods damaged/spoiled during the past month, without the need for the tax authorities to arrive at the site and check the goods and collect the fee” - the Head of the Revenue Service said.

Levan Kakava thanked the business sector representatives who were actively involved in preparing the amendments, adding that communication with them will continue in the future.

 

Revenue Service of the Ministry of Finance


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