러시아ㆍ유라시아

Strong foreign direct investment (FDI) and a favourable external economic environment are fuelling growth. GDP grew by 5 per cent in 2017 and at a similar pace in the first nine months of 2018, while FDI inflows amounted to a sizeable 12 per cent of Georgia’s GDP in 2017.

The authorities introduced mandatory retirement savings as part of the pension reform. Contributions by an employee and an employer will be matched by the state, with each contributing party providing 2 per cent of gross salary into the pension fund.

Taxation of small businesses was further simplified. The rate of turnover tax was lowered and the turnover ceiling was raised to broaden the pool of eligible enterprises. The system of advance tax payments was abandoned in favour of monthly tax declarations and payments.