Starting from 1st January of 2017 the new rule of excise tax calculation launched. There is a significant increase of excise tax on the automobiles issued before 2005. The excise tax on the automobiles with right-hand side wheel also increased significantly and amounted to 3 times more than the same car with left-hand side wheel.
Banking Sector According to I - III Quarters, 2016
Analysis of January - November 2016, compared to the corresponding period in 2015: Net profit of commercial banks increased by 25.1% (114 mln GEL) and amounted to 567 mln GEL; the volume of deposits increased (9.4%), as did the volume of loans (7.9%) (adjusted for exchange rate); the proportion for which construction (by 2.8 percentage points), financial intermediation (2.5 percentage points) and hotels and restaurants (3.0 percentage points) were responsible for total loans increased; the volume of non-performing loans increased by 9.5% which is mostly due to depreciation of GEL exchange rate.
Analyses of Construction Sector: I - III Quarters, 2016
According to the first three-quarters of 2016, compared to the corresponding period of 2015: The volume of production in the construction sector increased by 41.2% and reached 4.2 bln GEL; foreign direct investment (FDI) in construction increased by 21.8% and reached US$106 bln; the number of people employed in the construction sector increased by 3.1% and amounted to 60.1 thousands of people; the average monthly remuneration of employees in the sector is 1,415 GEL.
What are the Challenges in Georgia-Armenia Trade Relations?
Armenia’s decision to join the Eurasian Economic Union (EEU) exempted traders from union member countries from paying value added tax (VAT) and excise tax, thus putting Georgian traders in a disadvantaged position and breaking the main principles of the Free Trade Agreement between Georgia and Armenia.