Before the current insolvency reform, Georgia’s legislative framework regulating insolvency proceedings fell short of meeting international standards – it did not meet either creditors’ or debtors’ needs and failed to offer incentives to the insolvent companies to choose rehabilitation as their optimal strategy for resolving financial difficulties.

The profit tax system that came into force on January 1, 2017, in Georgia aims to create a favorable business environment, accelerate economic growth, and improve tax administration. This system is based on the distributed profit taxation regime, similar to the one implemented in Estonia.

The Tourism Reform incorporates the amendments envisioned by the Tourism Draft Law, which was initiated by the Parliament of Georgia. In addition, it encompasses planned changes in the tax benefits system for agritourism and wine tourism service providers.

The reform aims to facilitate E-commerce in Georgia by developing a legal and regulatory framework and the necessary technical infrastructure. It consists of many different aspects, incorporating the activities of implementing government agencies, other public sector stakeholders, and the private sector.

Quality policymaking benefits from a process that is predictable, transparent, participatory, and accountable. This type of process helps make decisions that are legitimate, justified, effective, and proportionate. It is important to note immediately that regulation is only one possible option available for governmental intervention in society and the economy (see Box 1 for a definition of regulation).

This report highlights the derivation of sector-specific output (revenue), employment, and investment multipliers based on the Input-Output framework for the Georgian economy, which portrays the potential spillover effects of an increase in final demand for the products of a given sector on the whole economy.