November 10, 2016
A new Georgian law, “On Accounting, Reporting and Audit,” has been adopted. It entered into force on 8 June 2016 to replace the old law, “On Accounting and Financial Reporting.” Representatives from governmental bodies, professional organizations and experts from The World Bank were involved in the law-making process. This was an important step since implementing new regulations is important for economic growth and development of the investment environment.
We hereby bring to your attention the presentation of the Ministry of Finance of Georgia regarding on-going work, which is intended to provide an overview of the current reforms and public policy activities of the Ministry of Finance. It has been developed in an effort to further improvement of the Ministry’s communication and transparency proceedings. Included is a summary analysis of the following:
2010, 30 June
Enactment of the bankruptcy law in Georgia is related to the collapse of the Soviet Union and transitionof the emerging independent states to market economy.
2010, 28 May
Free Industrial Zone (FIZ) is viewed as an instrument to promote economic growth, enhance industrial competitiveness and attract foreign direct investment. Specifically, the establishment of a FIZ intends to further the development of foreign economic ties, increase the delivery of high quality goods and services, and create a modern industrial and market infrastructure.
1.1 Overview of investment climate in Georgia
The legal basis for both foreign and local investments and the guarantees of their protection on the territory of Georgia, as well as the investment-friendly regime is regulated by the set of laws, comprising of the Constitution of Georgia,