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Wednesday, November 20, 2019

MINISTRY OF FINANCE OF GEORGIA: The European Code of Customs Code will be launched in Georgia

Ministry of Finance of Georgia issued the following announcement on Sept. 10.

From 2019, Georgia will have European legislation in the customs sphere.

The Ministry of Finance has completed working on the draft Code of Customs which fully responds to EU standards, which will be an important stimulus to attract investments from the EU and promote Georgian business integration into the EU market.

Finance Minister Ivane Machavariani will inform the business sector representatives of the new customs code draft in the economic zone of Poti.

As a result of approximation with the EU legislation, customs procedures between Georgia and the European Union will be simplified, private sector will be reduced to foreign trade costs, for Georgia and EU business representatives, to create environmental, simple and fair rules of the same customs regulation.

The draft law provides important innovations in the direction of simplification of customs procedures:

> new rules of simple conclusion and forms of declaration;

> Possibility to return the imported import tax;

> When taking a custom decision, the interests of the entrepreneur will be considered as maximum;

> Considering the business, it will be possible to use a new type of guarantee;

> An important prerequisite is created, the business can use the simplified customs procedures in the EU and other countries;

In addition, all positive changes will be maintained in customs legislation, which resulted in reforms in the overall / simplified administration of tax and customs liabilities, including: uniform card of a taxpayer (tax and customs), "space" and "overburden", united treasury Code S Uniform system of appeal and tax agreement for execution of taxes / customs obligations.

After enacting the Customs Code, Georgia will be the first country in the region, along with modern customs infrastructure, with the new customs legislation to fully respond to the requirements of the European standards and will contribute significantly to the development of international trade.

Within the framework of the declared policy of the Ministry of Finance, public discussions will be launched with the participation of business sector, experts, all interested and target groups.

Original source can be found here.

Source: Ministry of Finance of Georgia

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Ministry of Finance of Georgia

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