March 5, 2003: The Contribution of MagtiCom to the State Economy of Georgia (February, 2003)
 

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

In February 2003 MagtiCom’s contribution (without offsets) to the state economy made up GEL 1,913,306.61 while within the year 2003 (also without offsets) – GEL 6,086,836.57
 

	February 2003	Within 2 months  of 2003
Withholding tax (10% income taxation of  foreign nationals)	18,961.11	44,863.41
VAT	1,153,000.00	3,148,724.67
Income tax	98,703.52	185,291.08
Property tax	322,485.64	322,485.64
Property transfer tax	–	1,900.00
Business tax	–	239,213.23
Highway Fund tax	–	328,486.04
Social needs tax	162,000.00	333,200.00
Customs duty	32,152.70	1,198,063.02
Accrued Interest tax	2,150.23	17,424.23
Advertisement tax	–	31,428.00
Local fees	14,553.00	15,115.10
Georgian National Communications Commission	109,300.41	220,642.15
TOTAL	1,913,306.61   GEL	6,086,836.57   GEL

MagtiCom Ltd. employs 414  people.
MagtiCom Ltd. applies the international GAAP accounting system.

Respectfully submitted,

Levan Buchukuri
General Director
MagtiCom Ltd.