81,000 individuals will be exempted from property tax, and the GEL 40,000 threshold will be abolished. Property tax will be paid only by citizens with an income of more than GEL 100,000.

The discussion of the bill in the Parliament is proceeding under an accelerated procedure.

The amendment will come into effect on October 1. According to the Head of the Revenue Service, Mamuka Baratashvili, since the bill is being reviewed through an accelerated procedure, individuals will be able to benefit from this tax relief starting this year.

“Families with an income between GEL 40,000 and GEL 100,000 will be fully exempted from property tax. As of today, 81,000 taxpayers will be affected by this tax relief, whose combined amount payable to the budget was approximately GEL 22 million. If this amendment is implemented, they will no longer have to pay this amount.

These significant changes have been initiated through an accelerated procedure, which means that individuals will be able to utilize this tax relief already this year”, - said Mamuka Baratashvili.