Sale of arrested property may become easier
13 January, 2011
Sale of arrested property may become easier

Sale of arrested property can become easier thanks to the upcoming amendment to the tax code
To improve the tax administration process, Georgian government decided to delegate certain powers of the tax body to legal entities operating with the Ministry of Justice including the National Bureau of Enforcement and National Agency of Public Registry, Georgian news agencies inform. A corresponding draft project is under vision at the government and will be discussed at the spring session. 
According to the bill,

tax body and National Bureau Enforcement (NBE) are supposed to conclude an agreement based on which the NBE is authorized to implement an inventory of the property of a questioned tax-payer, assess this property and impose an arrest on it, GHN news agency reported on January 6, 2011. The National Agency of Public Registry (NAPR) will be empowered [based on agreement again] to seal the property, implement sale of perishable goods been under arrest, as well as request a tax-payer to present the property list. Moreover, the latter is mandated to appeal the registry body with the request of registration property arrest.
Certain tax-related services performed by tax administration at the moment can also be delegated to NAPR after the amendment bills is approved. The mandated organs can also get the secret information on tax-payers available to Revenue Service alone today.
The governmental understanding is that the upcoming changes can make the procedures of arresting property quicker and effective. The thing is that usually this procedure is quite complicated and long in time that hampers tax administration process.
Economic analysts approve the initiative as far as it can be helpful to the state and business alike. It is an open secret that banks face difficulties in sale of the arrested property due to lingering arresting procedures that stumbles credit approval procedures on the other hand.
“The property arrest procedures may become easier and more skilful as far as more competent structure like National Bureau Enforcement will be handling with it. Today it is up to tax officers in fact to take care after all the property-arrest-related things while they are not competent for it and  complicate life to both tax-payers and revenue service that suffers of accumulated cases of arrested property,” Davit Narmania, Executive Director of the Institute of Caucasus Economic and Social Research, told Georgian Journal. “This apparently falls within the competence of the NBE rather than tax service and very likely it will ease things.” 
Levan Kalandadze, Director Executive of Association of Georgian Small and Medium Enterprises, thinks that banks will improve credit access [if the initiative works properly] once they will be able to get rid of the arrested mortgages sooner than today.
“It may somewhat affect insolvent tax-payers and borrowers whose property will be arrested, because due to lingering arrest-procedures they can find solution of their problems and either pay-off the property or sell it out, but this is an inevitable process and we have to go through it. All countries did it,” he said.

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