Tax Code and Social Securities
Overview of Tax Code and Social Securities
Tax code and social securities are closely connected terms in the taxation of the country of Georgia. In the recent times the government of Georgia has decided to introduce tax reforms that would affect the economic as well as social aspects of the lives of the people of Georgia.
New Changes in Tax Code and Social Securities
There have been some recent alterations in the spheres of tax code and social securities. The government of Georgia has brought out a tax code in the month of November of 2004.
The following changes have been proposed in the law:
- The rate of tax would now be 20%. Earlier it used to be 33%.
- Social taxes would come in place of the social protection contributions.
Social Assistance Scheme
The government of Georgia has come up with a Social Assistance Scheme in the recent times. The main aim of this program is to help the economically underprivileged people of the state.
Following are some of the salient features of this program:
- As per the new system the pensions would be the only form of monetary help that would be provided to people.
- The families that are facing extreme economic hardships are supposed to receive the benefits of this program. The families whose members are earning only 55 Georgian lari would qualify to receive the benefits of this program.
- Means test is supposed to be the new factor of consideration now. Previously some social categories were used as basis of judgment.
- It is expected that the assistance would help the per month income for every member in the underprivileged households to go up to 60 to 65 Georgian lari per month.
Effect of Social Assistance Scheme
It is being assumed that at least 150 thousand families in Georgia are supposed to be benefited by the Social Assistance Scheme. The Social Assistance Scheme is supposed to lower down the amount of poverty in the country.