16 July 2020,   08:26
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Within the framework of the anti-crisis economic plan the State is ready to be the co-guarantor of the business – Natia Turnava

The Minister of Economy and Sustainable Development presented today the anti-crisis economic plan. According to Natia Turnava, within the framework of the anti-crisis economic plan the State is ready to be the co-guarantor of the business.


As she said, according to the most conservative forecasts, this year will end at least with -4% for our economy.


“As a result of the Government’s effective policy and anti-crisis plan, in 2021 the Georgian economy growth may amount to 4% growth. We are making specific steps in order to support the business. The benefits in terms of income tax will help businesses to keep jobs.


For example, salaries up to 1500 GEL will have a benefit in paying income tax, and up to 750 GEL - will be fully exempt from income tax. By taking this measure, we are doing our best to support the business in order to keep the employees.


Besides, we should not forget the innovation related to automated VAT refund for businesses. This mechanism will be simplified and it is an opportunity to invest an additional resource of at least GEL 600 million in the economy. It will be very useful for our businesses by the time they start the road to recovery. You know that we have already started easing some restrictions very carefully.


Also, the co-financing of subsidizing of credit and leasing components will be extended for 1 year and will equal to 36 months instead of 24. The co-financing will be increased by 3%. The limit in the same component will be decreased from 150 000 GEL to 40 000 GEL. The types of activities will be increased from 104 to 211. About 300 small and medium-size businesses will be able to use the aforementioned component.


About 300 million GEL will be allocated for activation of credit and grant schemes to support small and medium-size businesses, which were hardly hit by COVID-19 pandemic and economic crisis in Georgia”, - explained the Minister.

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