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Georgian parliament overrides presidential veto on preferential asset withdrawal law

A total of 64 lawmakers voted against the president's veto, with a quorum of 50

TBILISI, May 29. /TASS/. Lawmakers of the Georgian parliament have voted to override President Salome Zourabichvili’s veto on the law on tax exemption for companies transferring assets from offshore zones to Georgia, according to a live broadcast.

A total of 64 lawmakers voted against the president's veto, with a quorum of 50. Lawmakers then voted in favor of the original version of the bill, which was supported by 83 lawmakers, with a quorum of 76.

The Georgian parliament adopted the amendments to the Tax Code in the third reading on April 19. The president later vetoed the bill. According to the amendments, if production assets registered in a preferential tax zone are transferred to a Georgian company by January 1, 2028, the profit received will be exempt from taxation. The import of assets and goods from offshore zones to Georgia is also exempt from taxation. They are also exempt from property tax until January 1, 2030.

According to the ruling Georgian Dream-Democratic Georgia party, the purpose of the law is to stimulate the import of assets registered abroad to Georgia. At the same time, the opposition and the president believe that this law prepares the ground for the withdrawal of offshore assets of the ruling party's founder, billionaire Bidzina Ivanishvili, in case Western sanctions are imposed on him because of the adopted law on foreign agents.

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