H.E. Lasha Khutsishvili, Minister of Finance of Georgia: Revenues to the State and Consolidated Budgets exceeded 100% of projections in 2021



Revenues to the State and Consolidated Budgets exceeded 100% of projections. It was announced by H.E. Lasha Khutsishvili, Minister of Finance of Georgia at the Executive Government Meeting.

He also noted that adjustments to the budget carried out twice throughout 2021 resulted in the increase of tax revenues to the consolidated budget in the volume of 1.226 BLN GEL.

According to him, updated projections implied 13.271 BLN GEL to be collected as tax revenues to the consolidated budget, while the actual collections reached 13.380 BLN GEL.

“Compared to the updated projections, the surplus is 109 MLN GEL, while – 335 MLN GEL – compared to the original projections. At the same time, it is worth noting that introduction of a system with automated VAT refunds has resulted in over 930 MLN GEL tax credits refunded to the respective taxpayers, which is by 100 MLN GEL higher than the total volume of refunds made in the 11 months preceeding the launch of the reform” noted H.E. Lasha Khutsishvili, Minister of Finance of Georgia.

As he also noted, revenues to the consolidated budget exceeded 15.142 BLN GEL, which is 101.4% of the projections. Total revenues to the consolidated budget reached 20.950 BLN GEL, which is 101.7% of the projections. Revenues mobilised to the state budget exceeded 12.750 BLN GEL, which is 101.6% of the projections. As for the total revenues to the state budget, over 18.369 BLN GEL has been collected, which is 101.5% of the projections.

According to the Minister of Finance of Georgia, such high parameters resulted from the effective tax administration.

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