In brief, News

Old taxes may be cancelled

by | Nov 25, 2011

TBILISI, DFWatch – Some category of high income taxpayers will have their accumulated unpaid taxes until 2005 cancelled.

This is foreseen by a bill to change the Tax Code which was presented to parliament on November 25.

If the bill is passed, the Revenue Service will be entitled to write off tax debts, fines and penalty in case it is not considered as recognized and if the tax payer hadn’t been informed by the Revenue Service of the amount of debt accrued. At the same time, in order to be entitled to write off the debt, it must have been presented at least 6 years in before. Parliament is now reviewing the bill about expenditure procedure.

 



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