Green taxes, bioeconomy and sustainable development of Georgian agricultural sector (მწვანე გადასახადები, ბიოეკონომიკა და საქართველოს აგრარული სექტორის მდგრადი განვითარება)

Abstract

The present-day world faces many challenges, among them is a negative impact of climate change on the environment and maintaining a stable economic growth under the conditions of the existing economic system because this system causes degradation of the environment and exhaustion of natural resources. Therefore, sustainable economic development is associated with efficient use of natural resources, boosting of bioeconomy, and implementing green taxation. In Georgia, the role of green taxes in achieving a long-term sustainable development of the economy and maintaining it is not sufficiently explored. The aim of the research is to demonstrate the substance and importance of bioeconomy and green taxes, for ensuring sustainable development of the agricultural sector. In accordance with the green economy strategy of Georgia, infrastructural investments are envisaged in the agricultural sector. The formation of the green economy sector in agriculture is caused by the existence of significant potential for the development of bioeconomy in the country. In case of development and implementation of a state policy supporting organic farms and bioeconomy, Georgia has resources to develop this sector, in conditions of regulating entrepreneurial activities by green taxes. Georgia, as a country with a small economy, can pursue a relatively aggressive policy for comprehensive implementation of green taxes and promotion of bioeconomy. Legislation amendments implemented in this direction, including in the taxation field, will help the sustainable development of the agricultural sector and improvement of the investment environment.