Georgia to scrap property tax for earners under 100,000 GEL
“The 40,000 GEL income threshold for individual property tax will be entirely abolished,” the parliamentary majority leader, MP Irakli Kirtskhalia, announced following a parliamentary majority meeting.
According to Kirtskhalia, individuals will now be subject to property tax if their annual income is 100,000 GEL or above.
He further noted that the Georgian Parliament will pass the legislative initiative under an expedited procedure.
“In close coordination with the Ministry of Finance, a decision has been made under a fast-track procedure to remove the 40,000 GEL threshold for property tax, maintaining the tax only for citizens with an income of 100,000 GEL and above. As a result, 81,000 individuals will be exempt from property tax,” stated Irakli Kirtskhalia.
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