Cryptocurrencies free from sales tax in Georgia

Cryptocurrencies free from sales tax in Georgia

Cryptocurrencies free from sales tax in Georgia

Georgia has exempt cryptocurrencies from value added tax (VAT). Bitcoin.com reported this on 13 July.

According to the report, the Georgian finance minister, Nodar Khaduri, recently signed a bill to regulate the taxation of entities that trade or mine cryptocurrencies. The bill went into effect at the end of June. The definition of decentralized currency that the bill puts forward is the following:

Cryptocurrencies are digital assets that are exchanged electronically and based on a decentralized network. The exchange of cryptos does not require a reliable intermediary and they are managed through distributed ledger technology.

With the introduction of the bill, residents of the country can exchange cryptocurrencies for fiat currency without the transaction being subject to VAT. Yet Khaduri pointed out that the Georgian lari remains the legal currency in Georgia. The use of cryptos for payments will therefore still not be allowed in the country.

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About Shawn Morrison 204 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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