On May 29, the Georgian Parliament overrode the President’s veto of the amendments to the country’s tax code, the so-called “offshore law,” which makes it easier to bring offshore assets into Georgia. 64 voted to override the President’s veto and 1 voted against. The amendments were then voted for with 83 votes in favor and 1 against, APA reports citing Civil Georgia.
The amendments, passed by the ruling Georgian Dream party under a fast-track procedure on April 19, offer a wide range of tax benefits to companies and individuals who decide to move their assets from tax havens to Georgia. The law, adopted amid the foreign agents’ law turmoil, sparked widespread backlash in Georgia with critics fearing it could turn Georgia into a hub for black money.
President Salome Zourabichvili vetoed the amendments on May 3. Now that her veto has been overridden, the amendments will come into effect in a few days.
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