The revised agreement between Georgia and the Republic of Poland, titled "Avoidance of Double Taxation on Income and Prevention of Non-payment of Taxes and Tax Evasion," has officially come into effect. The updated accord replaces the previous agreement established in 2006 between the two nations.
On July 7, 2021, Lasha Khutsishvili, Minister of Finance of Georgia, and Marius Mashkiewicz, Ambassador of the Republic of Poland to Georgia, signed the renewed agreement. The new document incorporates the 2017 model of the Organization for Economic Cooperation and Development (OECD) and adheres to the standards set by the Base Erosion and Profit Shifting (BEPS) project.
Notably, the updated agreement has lowered the withholding tax rates for dividends, interest, and royalties from 10% to 5%. The primary objective of the agreement is to foster economic cooperation between Georgia and Poland and to stimulate investment between the two nations.
The Georgian Ministry of Finance has announced that the double taxation avoidance agreement is now active with 57 countries, showcasing the country's commitment to fostering international economic collaboration.