Statement of business unions on Article 94 of the Constitution

---

As far as we know, in the process of planned amendments to the Constitution of Georgia, the possibility of canceling Article 94 of the Constitution, according to which the introduction of a new tax or an increase in the tax rate is allowed only through a referendum, is still being considered. We, the leading business associations, consider that the preservation of Article 94 of the Constitution in its current form is necessary for the economic growth and development of the country, for the maintenance of a stable business and investment environment. Due to the great importance of the current issue, we consider it necessary to once again explain to the public the necessity of preserving this record, because: 1. It is important to maintain and strengthen the uniquely attractive investment environment in Georgia. This record at the constitutional level ensures the stability and predictability of the fiscal policy, thereby making Georgia attractive for foreign investments, and also promotes the development of local entrepreneurship. Its preservation is extremely important in the light of socio-economic problems and geopolitical challenges facing Georgia. Economic growth in the country is largely due to foreign investments and investment activity of local entrepreneurs. An investor has the opportunity to invest in any country of the region or the world, and in this regard, the competition between countries is constantly increasing. To attract investments, Georgia should offer investors a unique, stable investment and business environment. In any other case, it is not clear what competitive advantage Georgia has compared to other countries, including the region. Canceling this record will significantly worsen Georgia's competitiveness in terms of investment attractiveness and reduce the inflow of investments, which will have a negative impact on economic growth and hinder the country's development. Therefore, we believe that That the aforementioned constitutional record and the organic law adopted in accordance with it must be preserved