The Republic of Georgia is setting a standard for the world. Maybe someone should share this with Donald Trump. Here are some of the highlights:
Georgia is a country with low tax rates and transparent tax system. Tax and customs legislation is unified under one tax code and the collection of taxes and supervision of the tax environment is provided by Georgia Revenue Service. All tax administration procedures and customs clearances are online/web-based. There are only 6 flat taxes in Georgia:
According to the Economic Liberty Act, Government is not allowed to increase national tax rates or number of taxes without national referendum. (Except for excise tax – ‘tax on specific goods for specific purpose – i.e. gasoline tax for roads, etc)
Georgia has Double Taxation Avoidance Treaties with 52 countries. Sadly, the United States is not among them. The Country doesn’t have restrictions on currency convertibility or repatriation of capital & profit!
According to Global Corruption Barometer of Transparency International, the only Georgian institutions which are highly suspect are the Media (shocker) and the Judiciary. Compare that to the sad state of American corruption.
World Economic Forum’s Global Competitiveness Report named Georgia #9 among low tax rate economies.
Georgia ranks 15/189 countries in the World Bank’s 2015 Doing Business report and 22/178 countries on the 2015 Index of Economic Freedom.