MagtiCom Ltd. makes its activities open to public and provides information on its contribution to Georgian economy.

In March 2003 MagtiCom’s contribution (without offsets) to the state economy made up GEL 6,558,471.46 while within the year 2003 (also without offsets) – GEL 12,645,308.03
 

	March 2003	Within 3 months of 2003
Withholding tax (10% income taxation of foreign nationals)	32,640.31	77,503.72
VAT	1,604,000.00	4,752,724.67
Profit tax	4,200,000.00	4,200,000.00
Income tax	103,022.77	288,313.85
Property tax	127,000.00	449,485.64
Property transfer tax	1,500.00	3,400.00
Business tax	–	239,213.23
Highway Fund tax	–	328,486.04
Social needs tax	180,300.00	513,500.00
Customs duty	208,453.62	1,406,516.64
Accrued Interest tax	–	17,424.23
Advertisement tax	–	31,428.00
Local fees	251.50	15,366.60
Georgian National Communications Commission	101,303.26	321,945.41
TOTAL	6,558,471.46  GEL	12,645,308.03  GEL

MagtiCom Ltd. employs 400 people.
MagtiCom Ltd. applies the international GAAP accounting system.

Respectfully submitted,

Levan Buchukuri
General Director
MagtiCom Ltd.