Tax expenditures can be defined as the loss of government tax revenues, resulting from specific norms in the tax code that are designed to stimulate taxpayers or types of economic activity. These norms might include exemptions, allowances, credits, rate relief for various types of taxpayers or transactions, tax deferral, etc.
Tax expenditures, being an effective way of stimulating economic agents, are a part of any country's fiscal policy, but their impact is usually less transparent compared to direct expenditures and is often left out of systemic analysis, which is a noteworthy issue concerning comprehensive analysis of fiscal policy Due to the importance of tax expenditures, better practice of public finance management requires high quality transparency in this regard with respect to the budget documentation. For example,
According to the evaluation by the Parliamentary budget office (PBO) based on the assumption that only those employees will participate in the accumulative pension scheme who are obliged to do so by law, in 2018 (taking into consideration the date enactment of the law):
Deposit guarantee schemes (DGS) provides the compensation of the individuals’ deposits up to 5000 GEL or its equivalent in any other currency, when the event of covered loss occurs. In addition, scheme will cover all depositors first 5 000 GEL equivalent, despite the volume and currencies of the deposits.
According to the draft law presented to the Parliament, the insurance fund target level will be 6% of the total eligible, covered deposits. The main source for financing of the insurance fund, among another sources, will be monthly regular payments, which should amount less than 0.067% of the insured GEL and 0.1% of the insured USD deposits.