Georgia’s economic freedom score is 75.9, making its economy the 16th freest in the 2019 Index and is ranked 8th among 44 countries in the Europe region, and its overall score is above the regional and world averages. The government hopes that further reductions in regulation, taxes, and corruption will attract foreign investment and stimulate growth.
The flat income tax rate is 20 percent, and the flat corporate tax rate is 15 percent. Other taxes include value-added and dividends taxes. The overall tax burden equals 25.8 percent of total domestic income.
Georgia’s economy has maintained strong momentum in liberalizing economic activity. It takes only two procedures and two days to start a business, and no minimum capital is required. The non-salary cost of hiring a worker is not burdensome.
The combined value of exports and imports is equal to 112.6 percent of GDP. The average applied tariff rate is 0.7 percent. As of June 30, 2018, according to the WTO, Georgia had 66 non-tariff measures in force.
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