The renewed agreement was signed by the Minister of Finance of Georgia, Lasha Khutsishvili, and the Extraordinary and Plenipotentiary Ambassador of the Republic of Poland to Georgia, Mariusz Maszkiewicz, on July 7, 2021. It is particularly important that this agreement replaced the document concluded in 2006 between Georgia and Poland.
The new document is based on the updated 2017 model of the Organization for Economic Co-operation and Development (OECD) and reflects the standards established by the Domestic tax base erosion and profit shifting (BEPS) project.
It is worth noting that under the new agreement, the taxation rates on the source of dividends, interest and royalties for dividends were reduced and under the previous agreement, they were set at 5%, instead of 10%.
The purpose of the agreement is to promote economic cooperation between the two countries and attract investments. Currently, the Agreements on the Avoidance of Double Taxation are in force with 57 countries.