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Georgia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
4.003 million (July 2018 est.)GDP (PPP)
$39.85 billion (2017 est.)Georgia's main economic activities include cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; and producing alcoholic and nonalcoholic beverages, metals, machinery, and chemicals in small-scale industries.
GDP growth rate
5% (2017 est.)The country continues to build up infrastructure, with a focus on transportation projects, tourism, hydropower, and agriculture.
GDP (PPP) per capita
$10,700 (2017 est.)Low, with unemployment remaining persistently high.
Local currency
Georgian lari (GEL)The currency experienced a sharp depreciation since 2014, losing roughly 40% of its value.
Financial stability (Public debt)
44.9% of GDP (2017 est.)Medium.
Inflation
6% (2017 est.)Medium to high.
Language
Georgian (official) 87.6%, Azeri 6.2%, Armenian 3.9%Low English proficiency (56/100)
Corruption perception index (Source: Transparency International)
41/180Medium level of corruption.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
18%Goods are considered to be supplied in Georgia if they are transferred in or their shipment originates in Georgia. Services generally are considered to be supplied in Georgia if they are performed in Georgia
Corporate Tax
15%Undistributed profits are not taxable (deferred taxation). Non-resident enterprises earning income from Georgian sources, other than through a PE, are subject to withholding taxes (generally 10%).
Duties
0% to 12%Imported cars are taxed at GEL 0.05 multiplied by the volume of the engine, plus 5% of import tax on each additional year of ownership.
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