AmCham: Elimination of Article 94 from Basic Law is unappealing Message for Investors
Removal of article 94 within the basic law, which bans an increase in taxes without referendum, will point bad massage to international investors, because company stability and article 94 guarantees this stability, Michael Cowgill, head of yankee Chamber of Commerce in Georgia, noted.
“First of, business needs guarantees for stable environment. Businessmen should become aware of what is available, what may happen, what developments may take place near you in terms of taxes.
This is really important for both private sector and citizens. The second concern is regarding investors. Additionally, they need guarantees for stable environment. They do not want how the current situation in the country change suddenly and taxes increase. Therefore, I do think by any means . an undesirable message to international investors”, Michael Cowgill said.