taxes

Georgia increases taxes for construction companies

Georgia increases taxes for construction companies

Since February, representatives of small and medium-sized construction businesses in Georgia will pay increased taxes, with the rate rising from 1% to 20%. This measure will bring about 200 million lari to the country's budget.

Russia and UAE to eliminate double taxation

Russia and UAE to eliminate double taxation

The Finance Ministries of Russia and the UAE finalized all provisions of an agreement on the elimination of double taxation between the two countries. The document will come into force in 2026.

Georgian Finance Ministry conducts tax amnesty

Georgian Finance Ministry conducts tax amnesty

The Revenue Service of Georgia announced over ₾423 million ($155.51mln) had been written off for more than 65,000 individuals as part of the Government’s tax amnesty initiative. The body added that any “coercive …

Tax debts incurred before 2021 to be written off in Georgia

Tax debts incurred before 2021 to be written off in Georgia

Georgian Prime Minister Irakli Kobakhidze said 145,000 individuals would have their tax debts totalling 590 million lari ($218.55mln) “completely written off”. According to him, all private entities, including individual …

Kazakhstan proposes excise taxes on sugary drinks

Kazakhstan proposes excise taxes on sugary drinks

Kazakh Minister of Health Akmaral Alnazarova suggested that levying excise taxes on sugar-sweetened non-alcoholic beverages could reduce their consumption among children, thus lowering the risk of obesity. According to Chief Sanitary …

EU includes Russia into tax haven blacklist

EU includes Russia into tax haven blacklist

The European Union has included Russia into the list of countries viewed as tax havens, the EU Council said in its statement released on Tuesday. "The EU continues to promote fair tax competition and address harmful tax practices. …

Income tax for LNG exporters grows to 34% in 2023-2025

Income tax for LNG exporters grows to 34% in 2023-2025

Russian President Vladimir Putin signed the law increasing the income tax rate from 20% to 34% for liquefied natural gas (LNG) exporters in 2023-2025. The document was initiated by the Russian Government and introduces amendments into …

Bloomberg explains why Russia’s budget remains in surplus

Bloomberg explains why Russia’s budget remains in surplus

The growth in tax revenues from the Russian state energy company Gazprom allowed the federal budget to maintain a surplus in October, Bloomberg reports. According to the Ministry of Finance of the Russian Federation, the budget surplus …

Egypt to introduce tax-free scheme for tourists

Egypt to introduce tax-free scheme for tourists

In Egypt, VAT refunds to tourists are to be carried out according to the standard international scheme, and the launch of the new tax-free system is planned to be accelerated. The facilities, where tourists will be refunded before …

Germany to lower sales tax on gas to 7%

Germany to lower sales tax on gas to 7%

Germany will lower the sales tax on gas to 7% in an effort to cushion the blow of additional charges being placed on consumers to ensure energy companies can afford increasingly expensive supplies, said Chancellor Olaf Scholz on Thursday. …

New hotels in Russia to be exempt from VAT for five years

New hotels in Russia to be exempt from VAT for five years

According to the decree of Prime Minister Mikhail Mishustin, the rules for maintaining a register of tourism industry facilities have been approved, and hotels that have been operating since the beginning of this year are exempt from value-added …