The Budget and Finance Committee rejected the justified comments of the President concerning the Draft Tax Code. As the Chair of the Committee, Paata Kvizhinadze noted, these were not justified comments.

According to him, the endorsed amendment has been completely withdrawn and the justified part of the comments was fully based on the positions of the field specialists, thought without the identification of the persons, and the question about these specialists asked at the Committee sitting was left unanswered by the Parliamentary Secretary of the President.

P. Kvizhinadze underlined that the amendments acquire a political nature since these amendments to the Tax Code coincide in time with the consideration of the Draft Law on Transparency of Foreign Influence.

“It is evidenced by the fact that at the I and II reading of the Draft by the Committee, as well as upon the I reading at the plenary session, the opposition asked nothing. Only upon the II reading at the plenary session, it was presumably dictated to them that the so-called Law on Offshores would preferably serve for the agitations and for the association with the Law on Transparency”, - as he elucidated adding that most of the offshore zones are created under the Western jurisdiction, are controlled by them, which excludes the inflow of the sanctioned Russian or black money from the West as urged by the opposition.

According to him, the amendment applies to the offshore companies solely holding the firms in Georgia prior to the enactment of the Law. No reliefs shall apply to the registered businesses after the adoption of the Law. Based on information published by NGO “Transparency International-Georgia”, there are up to 3200 companies in Georgia, including well-known companies holding shares in offshores. If the assets from offshores are transacted to Georgia, it will increase the investments and make the activity of such companies transparent.