Georgia to review property tax threshold for individuals

Georgia will revise the property tax threshold for individuals, says Deputy Finance Minister Giorgi Kakauridze, noting that the current threshold, which stands at 40,000 lari ($15,300), serves as a tax exemption.

He clarified that the Finance Ministry is considering how much to raise it, Caliber.Az reports, citing Georgian media.

Conditions for businesses will remain unchanged for now, as work on reforming the commercial sector will continue later due to the greater technical complexity of its implementation.

The Finance Ministry previously announced that property tax would no longer depend on income levels and would instead be calculated based on the floor area and per-square-meter value of property in specific zones.

The final draft concerning individuals is expected to be agreed with Parliament by the end of next week. The amendments will then be adopted under an accelerated procedure and could take effect later this year.

By Bakhtiyar Abbasov