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The ISET Policy Institute presented to stakeholders the Regulatory Impact Assessment of the Draft Law of Georgia on Entrepreneurs at ISET on May 2. The project was prepared by the ISET Policy Institute with the support of GIZ and PROLoG/USAID.
In 2013, as a follow-up on public consultations on improving the acting company laws in Georgia, a working group was established to elaborate a new Draft Law of Georgia on Entrepreneurs. The working group was created under the Private Law Reform Council of the Ministry of Justice of Georgia, and the USAID-funded Judicial Independence and Legal Empowerment Project, which was succeeded by the Promoting Rule of Law in Georgia (PROLoG) Activity. Both projects were implemented by the East-West Management Institute (EWMI), which also served as a cooperating partner. The group was comprised of Georgian academics and legal practitioners, with international experts providing consultations.
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On March 12 2018, the implementation of a capital market development strategy was evaluated during the second phase of ReforMeter.
Archil Mestvirishvili, Vice President of National Bank of Georgia, Nikoloz Gagua, Deputy Minister of Finance, Bruno Balvanera, Regional Director of EBRD, Francois Painchaud, Resident Representative of IMF in Georgia as well as stakeholders from private and financial sectors attended the discussion.
As Government research revealed, at this stage, 67.7% of the reforms have been implemented. In Phase I, this indicator was 51%.
The greatest progress was achieved in the development of legislative frameworks. Last year, together with other important activities, the German ranking agency Scope was added to the list of agencies (Moodys, S&P and Fitch) recognized by the National Bank of Georgia, which implies that the NBG will consider reliable rankings given by this body to the securities offered as collateral to the NBG. Also, the tax advantage for the so-called free-float was changed in the Tax Code and was replaced with wider advantages that are more convenient to investors. According to this advantage, capital gains are exempt from tax.
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