Georgian deputy finance minister responds to controversy over $481 mln artwork import

Georgian Deputy Minister of Finance Mikheil Dundua on Friday defended the legitimacy of Georgia’s offshore legislation, claiming “any Georgian citizen”, including Bidzina Ivanishvili – the billionaire honorary chair and founder of the ruling Georgian Dream party – was entitled to benefit from the country’s tax relief provisions.

Dundua highlighted that Georgian citizens could safeguard their assets through tax relief when transferring them from offshore territories.
Dundua’s comments come in response to the controversial import of artwork valued at $481 million into Georgia, a matter that has raised significant public interest.

While Dundua confirmed he did not have concrete information regarding whether Ivanishvili was involved in the transfer of the artworks, he emphasised that Georgia’s laws were accessible to all citizens, regardless of their wealth.

“What is wrong with Bidzina Ivanishvili transferring capital to Georgia, from which he did not earn a cent in Georgia, and it will help strengthen the economy of our country?” Dundua said in a post addressing the matter.

In response to media questions, Ivanishvili’s lawyer, Lasha Kalandadze, denied having any information about the import of the artworks or the use of offshore law benefits in this case.

The import of the paintings, worth an estimated 1.35 billion GEL, has sparked controversy, as it could have enabled the company handling the transaction to avoid paying 242 million GEL in VAT, thanks to the offshore tax benefits.

The legislation in question, known as the Offshore Law, was rapidly passed by the Georgian Dream majority in the spring of 2024, alongside another controversial law on the transparency of foreign influence.