Salome Zurabishvili the Georgian President used her veto power against the controversial “offshore law”. This decision came amid the large-scale protest against the foreign influence law. President Salome Zurabishvili earlier announced that she would also veto the foreign agent bill.
The offshore law will allow multinational companies to invest in Georgia through the countries that are known as tax heaven. The president said that this law will pave the way to money laundering. It is to be specifically mentioned that the amendment to the existing legal provision were passed recently by the ruling Georgian Dream. The amendment was passed by the ruling party under a fast-track procedure on April 19.
The proposed amendment will offer a wide range of tax benefits to companies and individuals. These companies and individuals are those who decide to move their assets from tax havens to Georgia.
Notably, the parliament adopted this law in a hurry. Currently, the whole country is witnessing large-scale protests against the foreign agent’s laws. The opposition parties and the legal experts expressed fears that this offshore law could turn Georgia into a hub for black money. This will also allow the businessman and their cronies to avoid the western sanctions under the new law.
The president also took to her social media handle and posted on the “Vetoed the ‘offshore’ law and will keep vetoing any bill that contradicts Georgia’s European and Euro-Atlantic aspirations.” It is also worth mentioning that President Zurabshvili has recently stepped up her use of the veto against laws that she believes are very controversial. she also announced openly that any law that stands in the way of Georgia’s European integration will be vetoed by her.
On the other hand, the ruling party will have to repass the law with a simple majority. The opposition parties and the legal experts welcomed the decision of the president to veto the controversial bill.
