NAPR.GOV.GE

On March 18, the current year, Giorgi Tskhakaia, the new Head of the Revenue Service of Georgia and Soso Tsikarishvili, the Chairman of the National Agency of Public Registry, introduced new plans to the representatives of the international missions and business circles.

Up to now it took business companies 3.3 years to complete liquidation procedures. Since 2004 till the beginning of 2010 around 500 companies have been looking forward to their turn to finalize liquidation.

On November 3, 2009 due to the corrections made in the law on enterprises, liquidation applications and registration rights were handed to the National Agency of Public Registry and maximum liquidation term was defined to be 4 months. Revenue Service, on its part, established a special structural unit, which is in charge of reviewing liquidation applications in the shortest terms possible.

An electronic system of risk management also has been created through which liquidation procedures will end in 8-10 days, if the companies to be liquidated have no tax risk in accordance with analysis of the pre-defined criteria. And if the tax inspection is to be conducted in a company, the maximum term of liquidation is 2 months.

40 companies set up for liquidation have been inspected by the new system, 36 out of which have already been sent for liquidation finalization to the National Agency of Public Registry.

Through 2010 all the 500 companies that have been in the liquidation queue for long already will finally complete the process.
All that will enable Georgia to further improve its positions in the Doing Business rating, which will be another incentive for the growth flow of foreign investments to the country and the formation of even more liberal tax environment.