A total of GEL 1.8 billion ($0.66 billion) was returned to taxpayers in Georgia in the first 10 months of 2022 as part of the VAT return reform, the country’s revenue service announced.
The reform involves returning the surplus generated from VAT payments through a “new and simplified” system upon delivery of VAT declarations.
First launched in 2018 – when refunds were only made manually – the system was later upgraded to a semi-automatic mode, before it was completely automated starting in 2020.
It enables entrepreneurs to receive VAT returns in five to seven business days after they fill out a digital application without additional bureaucratic steps.
Last year, GEL 1.9 billion ($0.7 billion) was returned to business owners, with the figure standing at GEL 1 billion ($0.37 billion) in 2020. (Agenda/Business World Magazine)
