ISET

The Investor Council (IC), coordinated by the EBRD, has been established in 2015 to provide a dialog platform between Georgia’s major business associations and government. Co-chaired by Georgia’s PM Giorgi Kvirikashvili and EBRD Director for the South Caucasus, Belarus and Moldova, Bruno Balvanera, IC’s February 17 meeting focused on three key issues:

- mechanisms for (sufficiently early) public disclosure and discussion of draft legislation;

- improvements in the tax administration system (e.g. the possibility to limit the Georgian Revenue Service’s ability to freeze business assets and accounts) and the impending introduction of the so-called Estonian model of corporate taxation;

- steps to increase the attractiveness of investing in Georgia (e.g. creating an effective system for investor after-care).

On October 8, ISET hosted Andreja Marusic, the World Bank’s Global Lead for Business Environment. Ms. Marusic delivered a presentation “Doing Business and Beyond”. The presentation covered a general overview and current international practices in business environment reforms as well as the important systemic issues of moving from ad-hoc business environment reforms (such as the Doing Business indicators centric reforms) to a more sustainable approach, including a focus on predictability, transparency, public consultation and Regulatory Impact Assessment.

In the begging of her presentation Andreja Marusic listed “traditional” business environment reform ideas and pointed out some new areas to focus on like: risk based regulations and implementation gap, sectorial and sub-national regulatory reforms etc. She also showed the main changes in Doing Business Report and explained that the new system compares countries to the best practice (New Zealand).

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