The Budget and Finance Committee considered and approved, in the I reading, the Draft Tax Code, according to which the import of goods transferred into state ownership will be exempt from excise tax.

As stated by the reporter, the First Deputy Chair of the faction “Georgian Dream,” Levan Machavariani, following the adoption of the amendment, legal procedures related to the transfer of excisable goods into state ownership will be simplified, which will facilitate their timely registration and subsequent disposal by the state.

“Since, under the current legislation, the import of property transferred into state ownership is exempt from value-added tax and import tax, it is appropriate that this amendment maintains the principles of consistency and neutrality of the tax system and extends a similar approach to excise tax as well”, - Mr. Machavariani noted.