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kapitalis realizebac namatze gadasaxadis valdebulebaTa

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					      Sedegebi da maTi gansja
             Tavi pirveli
axali tendenciebi ganviTarebuli qveynebis ekonomikis sagadasaxado
regulirebaSi


   $1. gadasaxadiT dabegvris Teoriuli aspeqtebi Tanamedrove ekonomikur
                                       koncefciebSi


      saxelmwifo safinanso politikis, maT Soris gadasaxadiT dabe-gvris               problemebi
 xangrZlivi drois manZilze sxvadasxva ekonomikuri skolis mecnierTa Soris uTanxmoebis
 mizezia. am uTanxmoebaTa safu-Zvelia ekonomikaSi saxelmwifos rolis sakiTxi. klasikosi
 ekonomi-stebi seis kanonsa da fasebisa da xelfasis elastiurobis varaudze dayrdnobiT
 amtkicebdnen     kapitalizmis   avtomaturi   TviTaRdgenis       unars,   saidanac    logikurad
 gamomdinareobda Laissez Faire-s politika. finansuri politikis sferoSi mTavrobis ZiriTadi
 amocana iyo biujetis yov-elwliuri dabalanseba. 30-iani wlebis didma depresiam gviCvena
 sabazro meqanizmis arasrulyofileba.
      aratradiciuli midgoma saxelmwifo ekonomikuri politikisadmi wamoyenebul iqna
 erTdroulad da erTmaneTisagan damoukideblad stokholmis skolisa da j.m. keinzis mier imis
 mkicebiT, rom klasikuri Teoriis postulatebi gamoyenebadia ara saerTo, aramed mxolod kerZo
 SemTxvevisaTvis, ramdenadac ekonomikuri situacia, romelsac igi ixilavs, wonasworobis
 SesaZlo mdgomareobaTa zRvruli SemTxvevaa. keinzi saxelmwifos urCevda ekonomikis
 stabilizebis mizniT aqtiuri finansuri politikis gatarebas, romelic saSualebas miscemda
 zegavlena moexdina erTobliv moTxovnaze da stimuli mieca investiciebis zrdisaTvis. keinzuri
 Teoria, romlis safuZvelze Camoyalibda memarcxene keinzeloba da neoklasikuri sinTezi (j.
 hiksi, r. harodi, d. patinkini, p. samuelsoni, e.hanseni), dominirebda 70-ian wlebamde, sanam
 adre ucnobma movlenam inflaciisa da umuSevrobis erTdroulma zrdam,igi krizisamde ar
 miiyvana.
      neokonservatiuli mimdinareobis sxvadasxva mimarTulebebi yurad-Rebas amaxvileben
 SerCeviT prioritetebze ekonomikur politikaSi, rac Teoriebs ramdenadme calmxriv xasiaTs
 aniWebs: monetaristebi yvela ubedurebaTa panaceas monetaruli wesisadmi midevnebaSi
 xedaven, finan-suri politikisadmi pasiuri rolis miniWebiT; miwodebis ekonomikis
 Teoretikosebi upiratesobas sagadasaxado regulirebas aniWeben.



                                                                                          -1-
   keinzuri Teoriis Tanaxmad biujeturi deficitis dafinanseba xorcieldeba biujetis dadebiTi saldos
xarjze, romelic iqmneba xar-jebis Semcirebisa da gadasaxadebis gadidebis gziT, romelic modis
daq-veiTebis Semdeg ekonomikuri aRmavlobis msvlelobaSi. magram biujetis dabalanseba
ciklur safuZvelze SeiZleba manam yofiliyo efeqtiani, sanam ar moxdeboda cikluri deficitis
gadazrda struqturulSi.
         monetaristul TeoriaSi biujetis deficiti ganixileba rogorc inflaciis gauTvaliswinebeili
  faqtori. m. fridmanis Tanaxmad „mTav-robas deficiti ar gaaCnia raRac mniSvnelovani
  ekonomikuri Tvalsa-zrisiT~.1 im SemTxvevaSi, Tuki samTavrobo xarjebi aWarbeben Semosu-
  lobebs, gansxvaveba gadaixdeba mosaxleobis mier gadasaxadebis for-miT, magram faruli
  gadasaxadebiT. magaliTad, Tuki deficiti fin-ansdeba fulis sabeWdi danadgaris xarjze,
  mosaxleoba mas anazRaurebs faruli sainflacio gadasaxadis formiT; Tuki igi finansdeba
  sesxebis ganTavsebiT, es aris pretenzia qveynis momaval simdidreze da gada-ixdeba erovnul
  simdidreze faruli gadasaxadis saxiT. am Tvalsaz-risiT, realuri sagadasaxado tvirTi izomeba
  mTavrobis xarjebiT. sagadasaxado tvirTis gadideba iwvevs gadasaxadebis gadaxdis Tavidan
  acilebis mcdelobas da iwvevs „Crdilovani ekonomikis“ zrdas. mTav-robis mcdeloba gazardos
  DDSemosavlebi damatebiTi gadasaxadebis SemoRebis gareSe, e.i. emisiis meSveobiT,
  niSnavs inflaciis zrdas. inflaciis am arxis gadaketvis mizniT rekomendebulia biujeturi Sez-
-------------------------------------
1.Friedman M.Taxation,Inflation and the Role of Government.p.6
  SezRudvis (budget constraint) gatareba e.i. xarjebis SezRudvis poli-tikisa Semosavlebis
  sididis Sesabamisad.
         biujetis deficitis mniSvnelovanma zrdam umetes qveynebSi uka-nasknel wlebSi da
  emisiaze rogorc deficitis dafarvis saSualebaze uarisTqmam gamoiwvies saxelmwifo sesxebis
  gadideba da amiT gaamwvaves saxelmwifo valis problema. monetaristuli Sexeduleba
  sesxebze1      saxelmwifo       seqtoris   moTxovnilebis   zrdaze,   aRiarebulia   Tanamed-rove
  ekonomistTa umetesobis mier. miRebulia, rom sesxebze saxelm-wifo seqtoris moTxovnilebis
  dafarva sabanko seqtorSi sesxebis SemTxvevaSi iwvevs fuladi masis da inflaciis zrdas,
  kerZod, keinz- elTa mier gamoxatuli sapirispiro Tvalsazrisi emyareba varauds saxelmwifo
  seqtoris moTxovnilebaTa moZraobis paraleluri dinamikis Sesaxeb sesxebsa da danazogebze.
  isini Tvlian, rom ramdenadac danazogebi izrdeba Semosavlis gadidebis kvalobaze, amasTan
  Semosavlis dazogil xvedr wils gadidebis tendencia gaaCnia, imdenad restriqciuli finansuri
  politika sesxebze saxelmwifo seqtoris moTxovnilebis Semcirebis mizniT gamoiwvevs
  saqmiani aqtiurobis dacemas, Semosavlebis Semcirebas da Semdgom, danazogebisas: „im
  daS-vebiT, rom saqmiani aqtiurobis done icvleba efeqtiani moTxovnis paralelurad,


                                                                                             -2-
   „gamodevnis“ efeqtis nacvlad imoqmedebs „Semogdebis“ efeqti-kerZo investiciebisaTvis
   xelmisawvdomi danazogebi pirdapir da
   ara       ukudamokidebulebaSi            aRmoCndebian       sesxebze      saxelmwifo     seqtoris
   moTxovnilebebisagan.“2es mowmobs ufro dabal gadasaxadebze da did sesxebze da niSnavs
   sesxebze saxelmwifo seqtoris moTxovnilebis Semcirebis politikaze uarisTqmas. „realuri
   procesebis ganviTarebas ekonomikaSi, sameurneo aqtiurobis gadidebas Tan axlavs sakredito
   fondis gafarToeba ... da Tuki fulis „warmoebis“ procesSi viRac
 ---------------------------
1. saxelmwifo seqtoris sesxebze moTxovnileba yalibdeba mTavrobis saerTo moTxovnilebidan
sesxebze (biujetis deficitis) da korpo-raciaTa saSinao da sagareo sesxebisagan. ukanasknelebi
Seadgens sesxebze saxelmwifo seqtoris moTxovnilebis nakleb nawils.
 2.Kaldor N.The scource of monetarism, gv. 99.




   aucileblad unda aRmoCndes mevale, maSin, aseT pirobebSi gadamwyveti
   mniSvneloba ara aqvs, visi vali izrdeba ufro swrafad da visi nela-saxelmwifosi Tu
   sawarmoebisa.“1
          80-ian wlebSi ganviTarebul qveynebSi gatarebuli sagadasaxado reformebis Sedegad
   gaizarda xarjebze gadasaxadebis mniSvneloba, maTgan SemosulobaTa xvedri wili. biujeturi
   deficitebis zrdam, erTi mxriv, da ekonomikis destabilizaciis safrTxem sagadasaxado gana-
   kveTebis gadidebis SemTxvevaSi gaamwvaves diskusiebi sagadasaxado sis-temis optimaluri
   struqturis Sesaxeb. pirdapir da irib gadasaxadebs Tavisi upiratesobebi da naklovanebebi
   gaaCniaT. iribi gadasaxadebi saSualebas iZleva gadaiWras finansuri muxruWis (fiscal
   drag)2 prob-lema, ramdenadac maTgan miRebuli Semosulobebis zrda fasebis zrdis
   proporciulia. magram aRiniSneba SesaZlo uaryofiTi efeqtic: im SemTxvevaSi, Tuki realuri
   Semosavlebi       izrdeba,     Semosulobebi   iribi   gadasaxadebidan   ganakveTebis    gadidebis
   ararsebobisas mcirdeba SemosavlebTan SedarebiT. rac Seexeba pirdapir gadasaxadebs, maT
   sa-gadasaxado Sefardebis gadidebis „CaSenebuli“ tendencia gaaCnia, realuri Semosavlebis
   zrdis erTdroulad. saSemosavlo gadasaxadis negatiur niSnebs miekuTvneba kapdabandebaTa
   stimulireba ara ekono-mikuri, aramed sagadasaxado mizezebiT, rac uaryofiTad zemoqmedebs
   investiciebze da amaxinjebs resursebis optimalur ganawilebas.
     70-iani wlebis bolodan moxmarebaze damyarebuli sagadasaxado sistemis damcvelTa
 raodenoba      mkveTrad        gaizarda.   samomxmareblo    gada-xdisadmi    aseTi   gansakuTrebuli
 yuradRebis mTavari mizezi gaxda dro-


                                                                                               -3-
-----------------------------------
1. Rjhyfb Z= Ltabwbn gv.549.
2. nominaluri Semosavlis zrda gadasaxadiT saSemosavlo gadasaxadis dabegvris progresuli
sistemis dros adidebda saSemosavlo gadasaxadis xvedr wils saerTo SemosulobebSi da
sagadasaxado Sefardebasac (gadasaxadebis xvedri wili mSp-Si), rasac stagflaciis pirobebSi
madestabilizebeli efeqti gaaCnia.
TaSorisi savaraudo neitraluroba. tradiciuli Tvalsazrisis Tanaxmad saSemosavlo gadasaxadis
negatiuri zegavlena kapitalis dagrovebasa da ekonomikur zrdaze aRmocendeba „danazogebis
ormagi dabegvris“ gamo, rac gadasaxadis gadamxdelebs Seagulianebs zegavlena moaxdinon
saku-Tar sagadasaxado tvirTze, saSemnaxvelo qcevis koreqtirebiT. am              Tval-sazrisiT
moxmarebis gadasaxadi neitraluri Canda.
         investiciebis gadidebis ganxilva,rogorc ekonomikuri zrdis auc-ilebeli pirobisa da
  sainvesticio xarjebis danazogebisagan damoki-debulebis xazgasmiT, neokonservatorebi
  miuTiTeben sagadasaxado sistemis arasrulyofilebaze, rogorc danazogebis deficitis ZiriTad
  mizezze. samomxmareblo gadasaxadebis zrda, adidebs ra sagadasaxado rols (resursebis
  xarjebis sididesa da saqonelTa fasebs Soris), amcirebs kapitalis danaxarjTa zRvrul
  efeqtianobas, rac uaryofiTad zemoqmedebs danazogebze da, maSasadame, kompaniaTa
  investiciebze. msgavs Sedegebs iwvevs saSemosavlo dabegvris zrda: realuri Semosavlebis
  Semcireba gadasaxadebis gadaxdis Semdeg iwvevs piradi danazogebis Semcirebas, dagrovebis
  finansuri safuZvlisadmi Ziris gamoTxriT. imave mimarTulebiT moqmedebs saxelmwifos
  socialuri politika, romelic cvlis Tanafardobas fuladi Semosavlebis daxarjul da dazogil
  nawilebs Soris, pirvelis sasargeblod: saxelmwifos finansuri dax-marebis imedi adidebs
  mimdinare moxmarebas, xolo socialur daxma-rebaTa farTomasStabiani sistema amcirebs
  samuSao adgilebis Ziebis stimulebs da zrdis umuSevrobas. socialuri uzrunvelyofis gaberili
  sistema ganixileba rogorc biujetis deficitis zrdis erT-erTi mize-zi, romelic iwvevs
  sagadasaxado ganakveTebis gadidebis aucileblobas.
         miwodebis ekonomikis Teoriis Tanaxmad saxelmwifo regulirebas unda gaaCndes
  xangrlivvadiani xasiaTi da orientirebuli unda iyos erToblivi moTxovnis anticiklur marTvaze
  da ara saqonelTa, kapitalebis da warmoebis sxva faqtorTa miwodebis stimulirebaze. am
  Teoriis erT-erTi postulati imas eyrdnoba, rom sagadasaxado gana-kveTebis Semcireba
  mastimulirebel efeqts axdens ekonomikaze.1
         --------------------------------------
         1. aSS-Si swrafi ekonomikuri zrdis ZiriTadi mizezis saxiT 60-ian wlebSi keinzelebi da
  miwodebis ekonomikis momxreebi asaxeleben gadasaxadebis Semcirebas, romelic gaatara



                                                                                         -4-
kenedis administraciam 1964wels, magram pirvelebi Tvlian, rom zrda moxda gadasaxadebis
Semcirebis zemoqmedebis Sedegad erTobliv moTxovnaze, meoreni-erToblivi miwodebis
gafarToebisa da damatebiTi stimulebis xarjze.


     miwodebis ekonomikis TeoriaSi gansakuTrebiT mniSvnelovani adgili uWiravs laferis
efeqts, romelic sagadasaxado stimulirebis ideas akavSirebs biujetis wonasworobis principTan.
maSin rodesac keinzuri Teoria gulisxmobs biujetis deficitis gadidebas sagada-saxado
ganakveTebis Semcirebis kvalobaze, miwodebis ekonomikis Tana-xmad, sagadasaxado
reformiT stimulirebuli warmoebis zrda uzrun-velyofs sagadasaxado SemosulobaTa zrdas da
biujetis dabalansebas. laferis mrudi, romelic aRwers kavSirs gadasaxadebis ganakveTebsa da
sagadasaxado Semosulobebs Soris, gviCvenebs, rom sagadasaxado gana-kveTis zrdis
kvalobaze Tavidan warmoebs zrda, xolo Semdgom saq-miani aqtiurobis Semcirebis Sedegad,
gadasaxadis ufro maRali gana-kveTebis dros sagadasaxado SemosulobaTa Semcireba.
sagadasaxado SemosulobaTa maqsimizebis SesaZlebloba mrudis sxvadasxva mxares
ganTavsebul or wertilze ekonomikaze efeqtiani zemoqmedebis saSu-alebas iZleva. magram
kritikosebi eWvqveSA ayeneben laferis mrudze im wertilis zusti povnis SesaZleblobas,
romelic ekonomikis realur mdgomareobas Seesabameba. am wertilis gansazRvris Secdomam
SeiZleba gamoiwvios araadeqvatur RonisZiebaTa miReba, rac gamoiwvevs ekono-mikis
Semdgom destabilizebas.
     ekonomikur maCvenebelTa urTierTdamokidebulebis gamo makroeko-nomikuri politikis
realuri mniSvnelobis Sefaseba sakmaod rTulia, garda amisa, SesaZloa diskreciuli politikis
sxvadasxva Sedegebi moklevadian da xangrZlivvadian periodebSi. aseve unda gaviTvalis-
winoT, rom ekonomikur RonisZiebaTa savarudo moqmedeba xSirad rTuldeba Tanamdevi
efeqtebiT. finansuri politikisadmi mimarTebaSi SeiniSneba adre ganxiluli gamodevnis efeqti,
aseve wminda eqsportis
efeqti, romelic niSnavs saeqsperto xarjebis Semcirebas erovnuli fuladi erTeulis gaZvirebis
gamo, sargeblis ganakveTis zrdis gamo, rac gamowveulia mastimulirebeli finansuri politikiT.
piriqiT, sargeblis ganakveTis Semcireba restriqciuli finansuri politikis gatarebis Sedegad,
romelsac erovnuli valutis gaufasurebis Sedegi gaaCnia, iwvevs wminda eqsportis gadidebas,
rac erToblivi moTxovnis zrdis maniSnebeli iqneba. mocemulma efeqtebma metnaklebad
SeiZleba finansuri politikis zemoqmedeba moaxdinos ekonomikaze, magram finansuri da
fulad-sakredito politikis koordinirebuli gatarebis SemTxvevaSi pirvelis zegavlena sargeblis
ganakveTze SeiZleba neitralizebul iqnes fuladi miwodebis gafarToebis meSveobiT.




                                                                                       -5-
     imis gaTvaliswinebiT, rom investiciaTa da fulze moTxovnis reaqciis xarisxi sargeblis
ganakveTis cvlilebaze, damokidebulia ekonomikis mdgomareobaze yovel konkretul periodSi
da ekonomikuri subieqtebis molodinze, sakredito-fuladi da finansuri politikis efeqtianoba
sxvadasxva periodSi meryevi iqneba. Rrma depresiis pirobebSi mastimulirebeli finansuri
politika stabilizaciis Ziri-Tadi saSualeba xdeba sakredito-fuladi politikis cikluri asi-metriis
gamo.
     yuradRebis imaze gamaxvilebiT, rom ekonomikuri politikis mizania arainflaciuri
ekonomikuri zrdis uzrunvelyofa, amasTan sasurvelia daSvebuli ar iqnes biujetis deficitis
metismeti zrda, xolo sakredito-finansuri politikisaTvis SenarCunebul iqnes sar-geblis
ganakveTisa da fulis miwodebis stabiluroba, vfiqrobT, saukeTeso efeqti SeiZleba miRweul
iqnes safinanso da sakredito-fuladi politikis koordinaciisa da savaWro da sagadasaxdelo
balansis sidideebis gaTvaliswinebiT.
     unda aRiniSnos, rom arc erTi Tanamedrove Teoria, romelic raime mniSvnelovan
zegavlenas axdens makroekonomikis formirebaze, ar qadagebs srul uarisTqmas ekonomikis
saxelmwifoebriv regulirebaze; ganixileba mxolod am regulirebis sidide da meTodebi. verc
erTma Teoriam ver SeZlo SeemuSavebina „stagflaciur borotebasTan“ brZo-lis unikaluri
saSualeba.
     saxelmwifos     ekonomikuri       politikis   SemuSavebisas     ukanasknel     aTwleulSi
moqmedebdnen principiT „ori ubedurebidan irCeven umciress“: 80-ian wlebSi pirvel planze
gamodioda inflaciis Semci-rebis amocana, 90-ian wlebSi umuSevrobisa. rogorc Cans,
keinzelebis kritikosebi TviTon waawydnen stagflaciis gadaulaxav bariers.


        $2. sagadasaxado sistemebis evoluciis ganmsazRvreli faqtorebi
                              ganviTarebul qveynebSi

     omisSemdgomi msoflio ekonomikuri ganviTarebis erT-erTi Ziri-Tadi tendencia gaxda
qveynebis urTierTdamokidebulebis gaZliereba saerTaSoriso vaWrobis gamalebuli zrdis,
sakredito meqanizmebis ganviTarebis, mrewvelurad ganviTarebuli wamyvani qveynebis
erovnuli ekonomikuri politikis liberalizaciis, warmoebis faqtorTa-samuSao Zalisa da kapitalis-
mobilurobis Sedegad. evropul da iaponiis ekonomikaTa aRmavlobam 70-ian wlebSi, moqnil
savaluto sistemebze gadasvlam, sabanko saqmianobis internacionalizaciam da sainformacio
teqnologiaTa progresma daaCqares saerTaSoriso ekonomikuri integ-raciis procesi. savaluto
SezRudvaTa gauqmebam 80-ian wlebSi ganvi-Tarebuli qveynebis umetesobaSi mkveTrad



                                                                                          -6-
gazarda ucxour investi-ciaTa nakadebi da „meore sunTqva“ SesZina transerovnul
korporaciaTa ganviTarebas.
     ekonomikuri procesebis garTuleba sagadasaxao sistemebis ganvi-TarebaSi aisaxa,
gaaZliera    gadasaxadebis    maregulirebeli     funqcia,     gamoiwvia     axali     sagadasaxado
instrumentebis gamoCena.
     erT-erTi   mniSvnelovani      ekonomikuri     faqtoria    Semosavlebis      da    mosaxleobis
keTildReobis mzardi done. es niSnavs gadasaxadis gada-mxdelTa didi raodenobis CarTvas
gadasaxadiT dabegvris sistemaSi da gadasaxadis gadamxdelTa nawilis mier ufro maRali
sagadasaxado ganakveTis miRwevas, rac maT ufro mgrZnobiares xdis sagadasaxado
tvirTisadmi da iwvevs sagadasaxado valdebulebaTa Sem-cirebis gzebis Ziebas. izrdeba
gadasaxadis gadamxdelTa raodenoba, romelTac Semo-savlis erTze meti wyaro gaaCniaT, rac
iwvevs administraciuli sis-temis garTulebas da admistraciuli xarjebis zrdas.
     dReisaTvis calkeuli qveynisaTvis sakmaod Zneli gaxda saga-dasaxado sistemebiT
operireba    ufro    farTo    ekonomikuri      Taname-gobrobis        gaTvaliswinebis      gareSe.
umniSvnelovanesi aspeqtia rogorc Sromis, ise kapitalis gazrdili mobiluroba.Ggaizarda
gadasaxadis gadamxdelTa raodenoba, romlebic gamomuSavebul an sainvesticio Semosavals
(an orives erTad) Rebulobs erTze met qveyanaSi, rac mniSvnelovnad adidebs gadasaxadiT
dabegvris saerTaSoriso aspeqtebs. es aseve samarTliania msoflio vaWrobis mzardi
moculobebis, glo-baluri ekonomikis ganviTarebisa da moklevadiani kapitalebis bevrad
garTulebuli saerTaSoriso bazrebisaTvis. msgavsma Zvrebma gamoiwvies sagadasaxado
kanonmdeblobis ganviTareba ormagi dabegvris aRmof-xvris, transfertuli fasebis aRricxvisa da
ucxouri valutis gada-tanis sferoSi. ganixileba sakiTxi imis Sesaxeb, Tu ofSorul zonebSi
dagrovili Semosavlebi, romlebic gadatanili araa Semosavlebis mflobelis qveyanaSi, rogor
unda daibegros gadasaxadiT.
     sagadasaxado samsaxurebis saqmianobaSi ukanasknel aTwleulebSi didi cvlilebebi
Seitana sainformacio teqnologiam. maT Soris umniSvnelovanesia-qaRaldis sagadasaxado
deklaraciebis Secvla maTi eleqtronuli eqvivalentebiT. aSS-s sagadasaxado sammrTvelom 80-
ian wlebSi erT-erTma pirvelma daiwyo Electronic Filing System da 1991 wli-saTvis 7 mln-ze
meti deklaracia Sevsebul iqna eleqtronuli saxiT. 1992/1993 safinanso wels avstraliaSi
deklaraciaTa 60%-ze meti Sevsebul iqna Electronic Lodgement Service-s daxmarebiT. did
britaneTSi   sagadasaxado     deklaraciebis    Sevsebis     eleqtronuli   varianti    gamo-iyeneba
korporaciaTa mogebis gadasaxdelis gadaxdisas, am sistemaze TandaTanobiT gadaiyvaneba
gadasaxadis individualuri gadamxdelebic. sagadasaxado deklaraciebis Sevsebis eleqtronul




                                                                                             -7-
  variantze gadasvla saSualebas iZleva mkveTrad amaRldes maTi damuSavebis efeqtianoba,
  Camateba gverdis ukana mxares da mniSvnelovnad Semcirdes Secdomebis
  raodenoba, (17-20%-dan 2%-mde).1 SesaZlebeli gaxda informaciis analizis axali, ufro rTuli
  meTodebis gamoyeneba da gadasaxadebis gadaxdidan Tavis aridebis SemTxvevebis
  gamovlena.


----------------------------------
1. Jamess., Wallschutzky I.G. The Shape of Future Tax Administration.gv.211
         sagadasaxado sistemebze gansazRvrul zegavlenas axdens demog-rafiuli Zvrebi.
  qveynebis umravlesobaSi SeiniSneba xandazmuli asakis pirTa gadideba-„eris dabereba“ da
  axalgazrdebis       xvedri     wilis    Sem-cireba.    es    iwvevs   saSemosavlo    gadasaxadisagan
  SemosulobaTa Seda-rebiT Semcirebas da socialur dazRvevaze Senatanebis gadidebis auci-
  leblobas. meore demografiuli Zvra aris arasruli ojaxebis rao-denobis zrda, rac niSnavs
  mosaxleobis garkveuli nawilis gadasvlas gadasaxadis gadamxdelTa im jgufSi, romlebic
  SeRavaTiani ganak-veTebiT ibegreba.
         ukanasknel      wlebSi       saorganizacio     da    teqnologiurma   cvlilebebma   gamoiwvies
  gadasaxadebisagan Tavis aridebis axal formaTa gamoCena, magaliTad, Semosavlebis
  gadatana ara dividendebis meSveobiT, aramed garigebaTa ganxorcielebiT Svilobil firmebs
  Soris transfertuli fasebis safuZvelze, an fasian qaRaldebTan operaciebis gamoyenebiT.
   zemoT aRniSnuli tendenciebi qmnian saerTo fons, romelzec moqmedeben sagadasaxado
sistemebi, romlebic Camoyalibdnen xangrZlivi drois manZilze, erovnuli Taviseburebebisa da
tradiciebis    Sesabamisad.          sistemebi   gansxvavdebian     moqmedi     gadasaxadebis   tipebis,
ganakveTebis, sagadasaxado bazis, amoRebis wesis da a.S. mixedviT. gadasaxadebis ZiriTadi
funqciaa saxelmwifo biujetis saSemosavlo nawilis Camoyalibeba. gadanawilebiTi funqcia
yvelaze ufro aSkarad vlindeba iseT qveynebSi, rogoricaa dania da SvedeTi, sadac saerTo
sagadasaxa-
do Semosulobebi mSp-s daaxloebiT naxevars-52% da 50% Seadgens, Sesabamisad. did
britaneTSi      gadanawildeba erovnuli Semosavlis da-axloebiT mesamedi; yvelaze umciresi
maCvenebeli aqvT-aSS-s, iapo-nias(28-28%), TurqeTs (20%) da singapurs (17%).1 mTlianad,
ukanasknel aTwleulSi ganviTarebuli qveynebis naxevarze metSi aRiniSneba saga-dasaxado
tvirTis garkveuli gaZliereba.
   gadasaxadebis mastimulirebeli funqcia 80-iani wlebis Suaxanebamde yvelaze yvelaze ufro
mkafiod gamovlinda sagadasaxado fasdaklebisa da SeRavaTebis sistemaSi. mastimulirebeli
zemoqmedeba kapitalur dab-



                                                                                                  -8-
--------------------------------------
  1. Revenue Statistics of OECD Member Countries 1965-93(OECD 1994): The Economist,
  September-October-1996
andebebze miiRweoda mogebis gadasaxadis da investiciebze SeRavaTebis ganakveTebis
erTdrouli      gadidebis       gziT.     „neitralurobis“   koncefciis   Tanaxmad,   mravalricxovani
fasCamoklebebi da SeRavaTebi iwveven res-ursebis ganawilebis diferenciacias,struqturul
cvlilebebs warmo-ebaSi. garda amisa, SeRavaTiani reJimi iwvevs SemosulobaTa Semcirebas
biujetis saSemosavlo nawilSi da sxva Tanabar pirobebSi aucilebels xdis sagadasaxado
ganakveTebis gadidebas Semosavlebis Sevsebis mizniT. miuRebeli Tanxebi fasCamoklebisa da
SeRavaTebis mixedviT ganixileba
rogorc „sagadasaxado xarjebi“ da iangariSeba faqtobriv Semosul-obaTa gamoklebiT
SemosulobaTa SesaZlo Tanxidan fasCamoklebisa da SeRavaTebis gaTvaliswinebis gareSe.
mTlianad, sagadasaxado Semosul-
obaTa mastimulirebeli zemoqmedeba SeiZleba ganxilul iqnes, rogorc mewarmeobiTi
saqmianobis iribi subsidirebis forma.
         gadasaxadebis maregulirebeli funqcia vlindeba aseve ekologiis problemaTa gadaWraSi.
  70-ian wlebSi SemoRebul iqna da Semdgom farTo gavrceleba hpova sxva qveynebSic
  diferencirebulma gadasa-xadebma avtotransportze, romelic iTvaliswinebda Zravis ekologiur
  sisufTaves. 80-ian wlebSi evropis qveynebis umetesoba gadavida saavto-moblio sawvavis ufro
  sufTa saxeobebis moxmarebis stimulirebaze, maTze aqcizis ganakveTebis Semcirebis gziT.
  naxSirorJangis dioqsidis
  gamofrqvevis Semcirebis mizniT evropis komisiis mier rekomendebuli iyo naxSirorJangis
  gadasaxadis gamoyeneba. ekologiuri gadasaxadebis sxvadasxva saxeobebi SemoiRes
  CrdiloeTi evropis qveynebma.
         80-iani wlebis meore naxevarSi ganviTarebuli qveynebis umetesobam reformebi gaatara,
  romelTa safuZveli iyo sagadasaxado ganakveTebis Semcireba da gadasaxadiT dasabegri bazis
  gafarToeba. cvlilebaTa aucilebloba gamowveuli iyo samrewvelo dargebis konkurentu-
  narianobis dacemiT investiciaTa Semcirebis Sedegad. am reformebma Teoriuli dasabuTeba
  hpoves „miwodebis ekonomikis“ koncefciebSi. aSS-Si 1986 wels korporaciaTa mogebis
  gadasaxadi Semcirda 46-dan 34%-mde, erTdroulad Semcirda sagadasaxado SeRavaTebi,
  ramac jer-erTi, SesaZlebeli gaxada nawilobriv kompensirebuli yofiliyo danakargebi
  sagadasaxado SemosulobebSi, xolo, meore, „neitralurobis“ principis Sesabamisad, unda
  uzrunveleyo resursebis ufro efeqtiani ganawileba.




                                                                                              -9-
         gadasaxadiT       pirdapiri   dabegvris   Semcireba   ekonomikis     stimuli-rebis   mizniT
  konservatorTa sagadasaxado politikis qvakuTxedi gaxda did britaneTSi. 1984-86 wlebSi
  korporaciaTa mogebis gadasaxdelis ZiriTadi ganakveTi Semcirebul iqna 50-dan 35%-mde,
  amasTan, ise rogorc aSS-Si, gauqmebul iqna zogierTi sagadasaxado Semosavali. 1984 wels
  ekonomikis stimulirebis mizniT iaponiaSi saSemosavlos gadasaxadis Tanxa Semcirebul iqna
  20%-iT. dReisaTvis germaniaSi, sadac gada-saxadis gadaxdisagan Tavis arideba sul ufro
  farTo xasiaTs Rebu-lobs, ganixileba gadasaxadiT pirdapiri dabegvris sistemis Semdgomi
  reformirebis RonisZiebebi. ganzraxulia Semcirdes saSemosavlo gada-saxadis zeda ganakveTi,
  romliTac ibegreba saojaxo wyvilis wliuri Semosavali 240 000 germanuli markis zeviT 57-dan
  39%-mde. saSemosavlo gadasaxadis qveda ganakveTi amasTan mcirdeba 25,5-dan 15%-mde.
  kor-poraciaTa gadasaxadis ganakveTi 1999 wlis bolosaTvis unda Semci-rebuliyo 45-47%-dan
  35%-mde. sainvesticio banki Coldman Sachs akeTebda prognozs, rom sagadasaxado tvirTis
  saerTo Semcireba daaxloebiT 15
mlrd germanuli marka iqneba anu mSp-s 0,4%-ze naklebi.1
         sagadasaxado SeRavaTebis realur kapitaldabandebebze zemoqmede-
  bis sakiTxi sakamaTo rCeba dResac. neoklasikuri mimarTulebis ekonomistebi am reformebs
  ixilaven rogorc ekonomikaSi investiciis donis amaRlebaze mimarTul RonisZiebas. keinzuri
  mimarTulebis ekono-
  mistebi Tvlian, rom es zegavlena umniSvneloa, Tuki igi saerTod arsebobs. miuxedava imisa,
  rom investiciebis zrda aRiniSna atlantikis orive mxares, ar arsebobs imis damadasturebeli
  faqti, rom isini gamowveuli iyvnen swored sagadasaxado reformebiT.
         dReisaTvis       sagadasaxado     SeRavaTebi   gamoiyeneba     ZiriTadad     saa-mortizacio
  anaricxebTan da Sida safirmo gamokvlevebTan da damu-SavebebTan dakavSirebiT.
  gadaxdisunarianobis         koncefciis   gaTvalis-winebiT    gansazRvruli    fasCamoklebebi      da
  ASeRavaTebi eZlevaT piradi saSemosavlo gadasaxadis gadaxdisas. sagadasaxado SeRavaTebi
  da saxelmwifo subsidiebi gamoiyeneba zogierT qveyanaSi regionul prob-
--------------------------------
1. The Economist, March 1-7, 1997, gv 89-90
 lemaTa gadasaWrelad.
         neitralurobis principis Sesabamisad 80-ian wlebSi moxda gadasa-xadiT iribi da pirdapiri
  dabegvris TanafardobaTa cvlileba. Evropis qveynebis umetesobaSi gaizarda damatebuli
  Rirebulebis gadasaxadis roli, romelsac mravali ekonomisti ixilavs rogorc yvelaze ufro neitralur
  gadasaxads. unda aRiniSnos, rom             gadasaxadiT iribi dabe-gvris gadidebis problemaze
  arsebobs ori sawina-aRmdego Tvalsazrisi. keinzuri Teoriis mimdevrebi gadasaxadebis zrdas



                                                                                               - 10 -
ixilaven rogorc msyidvelobiTi unaris gadenas ekonomikidan, romelsac inflaciis Se-ferxebis
Sedegi gaaCnia. saxsrebis nawilis gadaqaCva moxmarebidan dana-zogebSi aTavisuflebs
resursebs samomxmareblo saqonelTa warmo-ebidan da gadaanawilebs maT warmoebrivi
daniSnulebis saqonelTa war-moebaze, amnairad erovnuli Semosavlis struqturis SecvliT
moxmar-ebidan investiciebis mxares. miwodebis ekonomikis Teoriis momxreTa TvalsazrisiT
gadasaxadebis Setana warmoebis xarjebSi da maTi mom-xmareblebze gadakisreba ufro
maRali fasebis formiT, iwvevs xarjebis inflaciis zrdas. gadasaxadebis zrdis kvalobaze xdeba
sagadasaxado solis gadideba (resursebis xarjebis sididesa da saqonelTa fass Soris), ramac
saboloo jamSi SeiZleba gamoiwvios miwodebis Semcireba.
     80-iani wlebis reformebis meore mniSvnelovani mxare gaxda gada-svla gadasaxadiT
dabegvris mkveTrad progresulidan zomierad propo-rciul dabegvraze. aSS-Si piradi
saSemosavlo gadasaxadis 14-safex-uriani Skala Seicvala sami ganakveTiT, Sesabamisad, 15,
28 da 33%-ianiT. did britaneTSi dawesebul iqna piradi saSemosavlo gadasaxadis ori
ganakveTi, Sesabamisad, 25% da 40%, maSin rodesac 70-iani wlebis bolo ganakveTebi 33%
da 83%-is farglebSi imyofeboda. 90-iani wlebis pirvel naxevarSi konservatorebma
ganaxorcieles saSemosavlo gadasa-xadis ganakveTebis Semcireba, orientiris saxiT sabazro
ganakveTis 20%-is miTiTebiT. 1997/1998 sagadasaxado wlisaTvis es ganakveTi gan-
sazRvruli iyo 23%-iT.
     aTwleulis manZilze, 80-iani wlebis Suaxanebidan 90-iani wlebis Suaxanebamde
ganviTarebuli qveynebis umetesobaSi saSemosavlo gadasa-xadis ganakveTebis raodenoba
mkveTrad Semcirda. gamonaklisia mxol-od Sveicaria, sadac ganakveTebis raodenoba
TiTqmis orjer gaizarda. 1995 wlisaTvis saSemosavlo gadasaxadis ganakveTebis maqsimaluri
raodenoba-16 aRiniSna espaneTSi, magram, Tuki gaviTvaliswinebT, rom 80-iani wlebis
pirvel naxevarSi maTi raodenoba 34 iyo, progresi cxadia.
     maqsimaluri momatebuli ganakveTi msxvil Semosavlebze iaponiaSi dawesebulia-65%.
yvelaze dabali zeda ganakveTebi-20% da 28%, Sesaba-misad, xolo yvelaze dabali sawyisi
ganakveTi-2% gaaCniaT honkongs da singapurs. evropis qveynebs Soris yvelaze dabali
momatebuli ganakveTi-40%-dawesebulia did britaneTSi.
     imasTan erTad, rom sawyisi ganakveTebis done gansxvavdeba qveynebis mixedviT,
mniSvnelovani gansxvavebebi arsebobs minimaluri Semosavlis sidideSi, romelic gadasaxadiT
ar ibegreba. luqsemburgSi gadasaxadi ar amoiReba weliwadSi 38000 dolarze naklebi
Semosav-lidan, honkongSi es zRvari 30000 dolaria, SvedeTSi 23800 dol. iseT qveynebSi,
rogoricaa niderlandebi da did britaneTi, gadasaxadi Semo-savalze ericxeba bevrad ufro
naklebi-6200 da 8800 dol., Sesabamisad.



                                                                                     - 11 -
     ekonomikuri TvalsazrisiT gadasaxadiT progresuli dabegvra sama-rTliani sagadasaxado
sistemis niSania, arRvevs bunebrivad Camoyali-bebul Tanafardobas dagrovebaze da
moxmarebaze momaval resursebs Soris. ekonomistTa umetesobis mier aRiarebulia pirdapiri
damo-kidebuleba gadasaxadiT pirdapiri dabegvris regresulobis gaZlie-rebasa da saqmiani
aqtivobis zrdas Soris.
     ganviTarebuli qveynebis biujetebis saSemosavlo muxlebis for-mirebis ZiriTadi
wyaroebia gadasaxadebi Semosavlebze (piradi saSemo-savlo gadasaxadi da korporaciis
gadasaxdeli), socialuri dazRvevis Senatanebi da samomxmareblo gadasaxadebi (dRg da
aqcizebi). qveynebis umetesobaSi biujetSi maqsimalur Semosulobebs uzrunvelyofs piradi
saSemosavlo gadasaxadebi (safrangeTis, saberZneTis, islandiis, portugaliis gamoklebiT).
     korporaciaTa mogebis gadasaxadebi ayalibeben pirad saSemosavlo gadasaxadTan
SedarebiT saxelmwifo Semosavlebis gacilebiT nakleb xvedr wils. msoflio praqtikaSi
gamoiyeneba mogebis gadasaxadiT dabegvris sami ZiriTadi sistema, romlebic gansxvavdebian
gadasaxadiT dabegvris ganawilebadi da gadanawilebadi xvedri wilebiT:
     1) aSS-Si, niderlandebSi, SvedeTSi, SveicariaSi, luqsemburgSi, espaneTSi, avstraliaSi,
axal zelandiaSi moqmedebs klasikuri sistema, romlis Sesabamisad mogebis ganawilebadi da
araganawilebadi nawi-lebi ibegreba erTiani ganakveTiT, rac iwvevs Semosavlis ormag dabe-
gvras.
     2) did britaneTSi, safrangeTSi, kanadaSi, belgiaSi, daniaSi, irlandiaSi, italiasa da
TurqeTSi moqmedebs e.w. pirobiTi daricxvis sistema, romlis drosac mTel mogebaze
gamoiyeneba gadasaxadis erT-iani ganakveTi, magram dividendebis gadaxdisas gadasaxadis
kompaniis mier gadaxdili xvedri wili aqcionerebs unazRaurdeba.
     3.)avstriaSi, iaponiaSi, fineTSi, saberZneTSi, norvegiaSi mogebis ganawilebadi da
araganawilebadi nawilebi sxvadasxva ganakveTebiT ibegreba.
     germaniaSi gamoiyeneba kombinirebuli sistema: gadasaxadis ganakve-Tebi mogebis
ganawilebad da araganawilebad nawilebze sxvadasx-vanairia, amasTan, saboloo aqcionerebi
kompensacias Rebuloben divi-dendebis ganawilebisas.
     dReisaTvis pirobiTi daricxvis sistema seriozul kritikas eqve-mdebareba. erTi mxriv,igi
Tavazobs SesaZleblobebs, aqciebTan da div-idendebTan sxvadasxva saxis manipulirebisaTvis,
meore mxriv, dabrkolebebs qmnis transerovnul korporaciaTa saqmianobisaTvis. did
britaneTSi am problemis gadasaWrelad SemuSavebulia dividendebis gadasaxadiT dabegvris
specialuri wesebi, romelic sazRvargareT miRebuli Semosavlidan gadaixdeba da aseve
miRebulia SeRavaTebi korporaciaTa mogebis avansirebuli gadasaxadis mixedviT. magram,




                                                                                      - 12 -
    miuxedavad reformirebis mcdelobisa, arsebobs mosazreba, rom pirobiTi daricxvis sistema
    saboloo angariSSi Seicvleba.
           90-iani wlebis mijnaze korporaciaTa mogebis gadasaxadis ufro maRali xvedri wilis
    mqone qveynebSi aRiniSneba misi Semcireba samo-mxmareblo gadasaxadebis da socialuri
    dazRvevis Senatanebis (iaponia, luqsemburgi) xvedri wilis gadidebis da Semosavlebis
    gadasaxadis (portugalia) struqturis Secvlis xarjze. Semosavlebze gadasaxadebis xvedri wilis
    Semcireba (rogorc piradi saSemosavlos, ise korpo-
           cxrili 1.1. cvlilebebi ZiriTadi gadasaxadebis struqturaSi ekonomikuri TanamSromlobisa da
    ganviTarebis organizaciis qveynebSi 1989-1992 wlebSi (procentebSi saerTo sagadasaxado
    SemosulobebTan)
           Qqveynebi     gadasaxadi                Senatanebi               samomxmareblo
                         Semosavlebze              soc.dazRvevaze           gadasaxadebi
                         1989          1992        1989         1992        1989        1992
Aavstralia               57(44)        55(41)      0(0)         0(0)        29(9)       28(8)
Aavstria                 24(20)        27(22)      33(16)       33(16)      32(21)      30(19)
Bbelgia                  37(30)        36(31)      34(21)       36(22)      25(16)      25(16)
Kkanada                  47(38)        45(40)      13(9)        16(11)      29(15)      26(14)
Ddania                   59(52)        59(54)      3(0,5)       3(1)        33(20)      32(20)
safrangeTi               17(12)        17(14)      44(27)       44(27)      29(19)      27(18)
Ggermania                35(29)        32(28)      36(18)       38(19)      26(15)      27(16)
saberZneTi               18(13)        18(10)      32(13)       31(13)      45(26)      46(25)
islandia                 27(24)        30(26)      3(3)         8(8)        55(35)      50(31)
irlandia                 35(32)        35(24)      14(9)        15(9)       44(22)      40(20)
italia                   37(27)        39(27)      33(24)       31(22)      27(14)      24(13)
iaponia                  49(25)        42(25)      28(15)       33(17)      12(3)       14(5)
Lluqsemburgi             40(23)        35(22)      27(13)       28(14)      24(14)      28(16)
Aaxali zelandia          59(47)        57(44)      0(0)         0(0)        33(20)      35(24)
Nnorvegia                33(27)        32(25)      27(17)       27(17)      36(19)      37(18)
Pportugalia              26(14)        29(20)      26(16)       25(15)      45(20)      43(20)
espaneTi                 31(23)        30(24)      35(26)       37(26)      29(17)      28(16)
SvedeTi                  43(39)        38(36)      27(25)       29(28)      24(14)      26(16)
Sveicaria                40(33)        41(35)      33(10)       35(10)      19(10)      17(9)
TurqeTi                  36(26)        32(28)      17(9)        18(10)      30(17)      34(20)
didi britaneTi           39(27)        36(28)      17(9)        18(10)      30(17)      34(20)


                                                                                             - 13 -
aSS                      44(36)        41(34)    29(16)        30(17)         16(7)       17(8)
  * frCxilebSi naCvenebia piradi saSemosavlo gadasaxadis xvedri wili
 **frCxilebSi naCvenebia mewarmeTa Senatanebis xvedri wili.
  *** frCxilebSi naCvenebia dRg-s an brunvis gadasaxadis xvedri wili-
          teqnikuri mizezebis gamo amoRebulia fineTi da niderlandebi
          wyaro: OECD Economic Outlookno. 56 annex Table 29 (OECD December 1994)


  raciaTa mogebis) axal zelandiaSi moxda samomxmareblo gadasaxadebis xarjze (ufro metad
  dRg-s xarjze), SvedeTsa da aSS-Si rogorc Sena-tanebis, ise samomxmareblo gadasaxadebis
  xarjze (ix. cxrili 1.1.)
          cxr. 1.2. gadasaxadebis struqturis cvlileba, 1989-1992ww. (saSualo mniSvnelobebi
  mSp-s procentebSi)


                             1989       1992       1989             1992       1989        1992
  Ggadasaxadi                37,86      36,64      34,00            33,27      41,73       40,00
  Semosavlebze
  Ppiradi saSemo-savlo 29,14            29,00      25,64            25,64      32,64       32,36
  gadasaxadi
  Senatanebi           soc. 23,27       24,41      27,36            27,82      19,18       21,00
  dazRvevaze
  samomxmareblo              30,45      30,18      32,45            32,18      28,45       28,18
  gadasaxadebi
  dRg                        16,95      17,05      18,18            18,18      15,73       15,91
      gaangariSebulia 1.1. cxrilis mixedviT
          saxelmwifo    Semosavlebis     mniSvnelovan      nawils     yvela   qveyanaSi    ayalibebs
  samomxmareblo gadasaxadebi (dRg da aqcizebi). gadasaxadebis es saxeoba gabatonebulia
  islandiaSi, irlandiasa da portugaliaSi. aSS-Si dRg-s nacvlad gamoiyeneba gayidvis gadasaxadi.
          socialur dazRvevaze Senatanebidan SemosulobaTa xvedri wili arsebiTad gansxvavdeba
  qveynebis mixedviT. isini Semosavlebis ZiriTadi wyaroa safrangeTSi, germaniaSi, espaneTSi,
  avstriaSi, xolo avstrali-asa da axal zelandiaSi saerTod ar aris. daniasa da islandiaSi so-cialuri
  dazRvevis Senatanebs umniSvnelo adgili ukavia. Senatanebis ararseboba avstraliasa da axal
  zelandiaSi da maTi dabali xvedri wili daniaSi kompensirdeba Semosavlebze gadasaxadebidan
  Semosulo-bebiT, islandiaSi nazRaurdeba samomxmareblo gadasaxadebiT.




                                                                                              - 14 -
         mTlianad qveynebis mixedviT moxda SemosulobaTa Semcireba korpo-raciaTa mogebis
  gadasaxadebidan da socialuri dazRvevis Seanatanebis xvedri wilis gadideba, rac erTob
  damaxasiaTebelia ekonomikuri daqveiTebis periodebSi (ix. cxrili 1.2.). garda amisa,
  korporaciaTa ga-dasaxadebis Semcireba SeiZleba aixsnas mastimulirebeli politikis gatarebis
  xangrZlivi tendenciiT, xolo socialuri dazRvevis Sena-tanebis gadideba-demografiuli situaciis
  cvlilebiT, razedac zemoT aRvniSneT („eris dabereba“, arasruli ojaxebis raodenobis gadideba).
         arsebobs Tvalsazrisi, romlis Tanaxmad ganviTarebuli qveynebis sagadasaxado
  struqturebSi sxvadasxva mimarTulebiani Zvrebi imis das-turia, rom sagadasaxado politika
  mTavrobis gansakuTrebiT saSinao saqmed rCeba da ar eqvem-debareba saerTaSoriso faqtoris
  zegavlenas.1
         cxrili 1.3. cvlilebebi gadasaxadebis struqturaSi 1989-1992ww (saSualo gadaxra)


                                1989       1992          1989        1992       1989       1992
 Gadasaxadi                     8,94       7,93          8,00        7,34       8,84       7,45
 Semosavlebze
 Piradi        saSemosavlo 8,07            7,55          7,85        7,24       7,49       6,51
 gadasaxadi
 Senatanebi               soc. 10,74       10,48         9,06        9,14       11,26      11,09
 dazRvevaze
  gadasaxadebi                  7,21       6,87          6,76        6,23       7,87       7,47
 dRg                            4,78       4,59          2,93        2,56       6,61       6,46
gaangariSebulia 1.1. cxrilis mixedviT
         magram, Tuki vivaraudebT rom internacionalizaciis zegavlena unda gamoixatos ara
  imdenad erTgvarovan sagadasaxado politikaSi, ramdenadac sagadasaxado struqturaTa
  gamoTanabrebaSi, SeiZleba mivideT pirdapir sawinaaRmdego daskvnamde. 1.3. cxrilSi
  ekonomikuri TanamSromlobisa da ganviTarebis organizaciis qveynebis sagadasaxado
  struqturebSi cvlilebebis Sesaxeb monacemTa safuZvelze 1989-dan 1992
wlamde gaangariSebulia saSualo gadaxrebis mniSvnelobebi gadasaxa-
----------------------------------
  1. Messere, K. Developments in Fiscal Deficits and Tax Revenues in OECD Countries since
  1989, gv. 37
debis     sxvadasxva      tipebis    mixedviT.     evrokavSiris   qveynebis   mixedviT   ekonomikuri
ganviTarebisa da TanamSromlbis organizaciis qveynebis maCveneblebze monacemTa




                                                                                              - 15 -
zegavlenis Sedegad SesaZloa mniSvnelobaTa damaxinjebis gamoricxvis mizniT, mesame svetSi
gaangariSebulia mxolod im qveynebis mniSvnelobebi, romlebic evrokavSirSi ar Sedian.
       maCvenebelTa Semcireba 1992 wlisaTvis imis Sesaxeb mowmobs, rom gadasaxadebis
 yovel saxeobaTa mixedviT monacemTa gaSoriSoreba saSualo sididis garSemo Semcirda, e.i.
 mTlianad moxda ekonomikuri TanamSromlibisa da ganviTarebis organizaciis qveynebis
 sagadasaxado struqturaTa garkveuli daaxloeba. saSualo gadaxraTa minimaluri mniSvnelobebi
 1989 da 1992 wlebSi dRg-s mixedviT evrokavSiris qvey-nebis mixedviT TvalnaTliv
 gviCvenebs gadasaxadiT dabegvris harmoni-zebas am regionSi.
       evrokavSirSi sagadasaxado harmonizaciis mizania erovnul kanon-mdeblobaTa daaxloeba
 moxmarebis gadasaxadiT dabegvris sferoSi saqonelTa da momsaxurebis Tavisufali moZraobis
 interesebisaTvis da obieqturi safuZvlebis (dRg) damyarebisaTvis evrokavSiris saerTo biujetSi
 erovnuli Senatanebis sistemisaTvis. gansxvavebiT tarifebisa
 da vaWrobis Sesaxeb generaluri SeTanxmebis wesebisagan (moxmarebis gadasaxadiT
 dabegvris TvalsazrisiT), romlebic ar Secvlila 1962 wlidan, evrokavSiris wesebma ukanasknel
 wlebSi mravali cvlileba ganicades.
       sagadasaxado sistemebis harmonizaciis saerTo sqema ganixileboda romis xelSekrulebis
 99-e muxlSi, romelic SemdgomSi erTiani evro-puli aqtis me-17 muxlSi Sevida, romelSic
 ganisazRvreba   kanonmdeb-lobis      harmonizaciis   pirobebi,   romlebic   Seexeba   brunvis
 gadasaxads, aqcizs da gadasaxadiT iribi dabegvris sxva formebs im doniT, ra doniTac aseTo
 harmonizacia aucilebelia saSinao bazris Caloyali-bebisa da funqcionirebis uzrunvelyofisaTvis.
 evropis Tanamegobrobis sabWos 1967w. direqtivebma rekomendacia misces mis wevr
 qveynebSi damatebuli Rirebulebis gadasaxadis SemoRebas.
       farTo sagadasaxado baza uzrunvelyofs mniSvnelovan Semosu-lobebs biujetSi dRg-dan.
 Tumca Semosulobebi am gadasaxadidan mSp-Si gansxvavdeba qveynebis mixedviT, miT
 umetes, 70-iani wlebis bolodan igi arsebiTad gaizarda da dReisaTvis qveynebis umetesobaSi
 biujeturi Semosavlebis daaxloebiT naxevars Seadgens samomxmareblo gadasa-xadebidan.
 yvela evropul qveyanaSi miRebul iqna gadasaxadis erTi da igive sistema damatebul
 Rirebulebaze, magram ganakveTebis raodenoba da done mniSvnelovnad gansxvavdeboda
 qveynidan qveyanaSi.
       dRg-s ganakveTebis sxvadasxvaoba dabrkolebas ar warmoadgenda vaWrobisaTvis,
 sanam arsebobda fiskaluri sazRvrebi. saqoneli da momsaxurebebi, romlebic eqsportirdeba
 Tanamegobrobis erTi qveynidan mis meore qveyanaSi, Tavisufldeboda gadasaxadisagan: dRg,
 romelic amoiReba warmoebis qveyanaSi, nazRaurdeboda eqsportis momentSi, moxma-rebis
 qveynis dRg gamoiyeneboda importis momentSi.



                                                                                        - 16 -
         sazRvrebis gauqmebam gaamwvava zogierTi saxelmwifos saqonelTa da momsaxurebis
  da biujeturi wonasworobis konkurentunarianobis problemebi. SesaZlo negatiuri Sedegebis
  SemsubuqebisaTvis 1987w. Evropis Tanamegobrobis komisiis mier wamoyenebul iqna
  sakompensacio meqanizmebis Seqmna wevr qveynebs Soris fiskalur SemosulobaTa prob-
  lemis gadaWrisaTvis, aseve rekomendebul iqna dRg-s Skala gansxvavebis 5-6 punqtamde
  dayvanis mizniT, romlebic, rogorc mosal-odneli iyo, ar gamoiwveven savaWro nakadebis
  uaryofas. Tavdapirvelad wamoyenebul iq-na gadasaxadis sami ganakveTis Semcireba,
  romlebic moqmedebdnen qvey-nebis umetesobaSi, oramde: standartul da SeRavaTian
  ganakveTamde, romelic gamoiyeneba pirveli moTxovnilebis saqonelTa mimarT, iseTis,
  rogoricaa kvebis produqtebi, eleqtroenergia, wyalmomarageba, wignebi, satransporto tarifebi.
  standartuli     ganakveTi         ganisazRvreboda   14%-dan   20%-mde   farglebSi,   SeRavaTiani
  ganakveTebi 4%-dan 9%-mde.1
         am winadadebis sawinaaRmdegod gamovidnen maRali ganakveTis mqone qveynebi,
  romelTa Semcireba imuqreboda biujetSi SemosulobaTa mniSv- nelovani danakargebiT da
  SeiZleboda eiZulebina isini miemarTaT
---------------------------------
  1.Completion of the internal market:approximation of indirect tax
  structure.Global Communication form the Commission (Com (87)320
  Final/2Brussels 26 August 1987).


  savaluto koreqtirebebisadmi, romelic saSiSia erTiani finansuri sivrcis Sesaqmnelad. 1992w. es
  SezRudvebi winaaRmdegobaSi Sevida maas-trixtis SeTanxmebis pirobebTan da Secvlil iqna
  axlebiT, ufro realisturi winadadebebiT, romelTa Tanaxmad wesdeboda standartuli ganakveTis
  minimaluri done-aranakleb 15%-sa. SeRavaTiani ganakveTebi gansazRvrul iqna 5%-dan 9%-
  mde diapazonSi. aqcizebTan mimarTebaSi, romlebiTac ibegreba navTobproduqtebi, spirtiani
  sasmelebi da Tambaqos nawarmi, aseve rekomendebul iqna minimaluri ganakveTebi.
         1994 wlisaTvis dRg-s standartuli ganakveTi yvela qveyanaSi iyo aranakleb daTqmul
  15%-ze. momatebuli ganakveTi rCeboda mxolod portugaliaSi, 1993w. mis gamoyenebaze uari
  Tqva safrangeTma, sab-erZneTma, italiam da espaneTma. portugaliaSi gauqmebul iqma
  nulovani ganakveTi, magram igi SenarCunebul iqna did britaneTSi da irlandiaSi (ix. cxrili 1.4)
   cxrili 1.4 dRg-s ganakveTebi evrokavSiris qveynebSi (1992w. ianvari:1994;ianvari)
                                              ianvari 1992                      Ianvari 1994
                           standartuli
                            ganakveTi


                                                                                               - 17 -
Bbelgia                        19,5             6 da 12       -    19,5     1,6 da 12         -
Ddania                          25                 -          -     25             -          -
safrangeTi                     18,6            2,1 da 5,5    22    18,6     2,1 da 5,5       22
Ggermania                       14             5,7 da 8       -     15             7          -
saberZneTi                      18              4 da 8       36     18        4 da 8          -
irlandia                        21            0; 23 da 10     -     21     0;25 da 12,5       -
italia                          19              4 da 9       38      -             -          -
Lluqsemburgi                    15              3 da 6        -     15      3; 16; 12         -
Nniderlandebi                  18,5             2 da 6        -    17,5            6          -
Pportugalia                     16              0 da 8       30     16             5         30
espaneTi                        13                 6         33     15        3 da 6          -
Ddidi britaneTi                17,5                0          -    17,5            0          -
wyaro: Bulletin fir International Fiscal Documentaton, 1994, vol 48, # 12, p 676
         arsebobs mosazreba, romlis Tanaxmad gansxvavebas dRg-s ganak-veTebSi ar gaaCnia
gadamwyveti mniSvneloba, ramdenadac, msyidvelobiTi unaris paritetis Teoriis Sesabamisad,
kompensirebuli iqneba savaluto kursebis moZraobiT. magram empiriuli monacemebi
mowmoben imis Sesaxeb, rom msyidvelobiTi unaris paritetis aRdgena SeiZleba miRweul
iqnes mxolod xangrZlivvadian periodSi. savaluto kursebze mraval sxva-dasxva faqtorTa
damatebiTi zemoqmedeba eWvis qveS ayenebs dRg-s gana-kveTebSi gansxvavebis
kompensaciis SesaZleblobas, ukidures SemTx-vevaSi moklevadian periodSi.
         erTiani bazris SemoRebamde dRgGamoiReboda daniSnulebis prin-cipis mixedviT, rac
niSnavda saqonelTa da momsaxurebis dabegvras mo-xmarebis qveyanaSi Setanisas, romelic
diskriminaciis Tavidan acilebis saSualebas iZleoda saSinao da importirebul saqonels Soris:
eqs-portisadmi gamoiyeneboda nulovani ganakveTi, xolo importi ibegre-boda sazRvarze,
analogiuri saqonlisadmi qveynis SigniT gamoyenebuli ganakveTiT. magram saSinao
sazRvrebis gauqmebam gaaZnela importidan dRg-s amoReba. savaWro operaciebi
evrokavSiris SigniT ganixileboda rogorc Sesyidvebi da miwodebebi da ara rogorc importi da
eqsporti.
         miwodebaTa gadasaxadiT dabegvris mizniT evrokavSiris SigniT ev-ropis komisiis mier
wamoyenebul iqna warmomavlobis principi, romlis Tanaxmad saqoneli dRg-Ti ibegreba
eqsportior qveyanaSi moqmedi gana-kveTiT. am principis SemoRebiT ispoba raime
gaangariSebaTa aucileb-loba sazRvarze da, amrigad, wesdeba Tavisufali vaWrobis sistema,
romelic regulirdeba mxolod warmomavlobis qveyniT. magram saboloo gaangariSebaTa
ganxorcielebisaTvis qveynebs Soris saWiro iyo centr-aluri kliringuli saxlis Seqmna, rac dros


                                                                                         - 18 -
da gansazRvrul danaxar-jebs moiTxovda. sxva problema gamowveuli iyo gadasaxadis
ganakveT-ebis gansxvavebiT evrokavSiris qveynebSi. kompaniis funqcionireba dabali
sagadasaxado ganakveTebis iurisdiqciaSi mas konkurentul upiratesobebs Seuqmnida, rac
saboloo angariSSi zegavlenas moaxdenda warmoebis ganTavsebaze. garda amisa, evropis
qveynebSi miRebulia saqo-nelTa sxvadasxvanairi klasifikacia, ris Sedegadac saqoneli, romelic
gadasaxadisagan gaTavisuflebulia erT qveyanaSi, standartuli gana-kveTiT ibegreba meoreSi.
am da rigi sxva mizezebiT warmoSobis prin-cipis SemoReba gadadebul iqna.
     1993 wlis ianvridan dawesda „gardamavali reJimi“, romelic emyareboda „daniSnulebis“
princips. sazRvarze kontrolis ararse-bobis gamo gamoiyeneba gadidebuli gadaxdis meTodi,
rac imas niSnavs, rom eqsportis gaTavisufleba gadasaxadisagan xdeba ara sazRvarze, aramed
mxolod pirveli gayidvis dros importior qveyanaSi. saqonelTa miwodeba fizikur pirebze da
daregistrirebul Suamavlebze da aseve miwodebebi, romelTa moculoba ar aWarbebs evropuli
komisiis mier dawesebul dones, ibegreba warmoSobis principiT. aseTive principi moq-medebs
momsaxurebaTa gadasaxadiT dabegvris mimarTac, magram wesidan arsebobs mravali
gamonaklisi. kerZod, informaciis damuSaveba da informaciis miwodeba dRg-Ti dabegvras
eqvemdebareba myidvelis mier informaciis miRebis adgilze (daniSnulebis principi),
magaliTad, „nivTobriv“ momsaxurebaTa gaweva, konferenciis organizeba, ibegreba
momsaxurebis SemTavazebel qveyanaSi.
     garkveuli problemebi gamowveuli iyo internetis qselis gavrce-lebiT. dRg-s amoRebis
mizniT provaiderebis mier am qselisadmi xelmisawvdomobis uzrunvelyofa ganixileba rogorc
telesakomuni-kacio momsaxureba, romlebic ibegreba warmoSobis principis mixedviT (e.i.
provaideris    adgilmdebareobis   mixedviT).   magram    Tuki       evropuli   momxmareblis
xelmisawvdomoba internetisadmi amerikuli kompaniis mier xorcieldeba, es momsaxureba ar
ibegreba dRg-Ti, ramdenadac mim-wodeblis iurisdiqciaSi dRg ar amoiReba. amis Semdeg
evrokavSiris wevri qveynebis momxmareblebisadmi momsaxurebis gamwevi amerikuli
provaiderebi konkurentul upiratesobas Rebulobdnen. am problemis gadasaWrelad evropulma
komisiam      evrokavSiris   qveynebs   SesTavaza   gadasuliyvnen    daniSnulebis   principze
telesakomunikacio momsaxu-rebaTa gadasaxadiT dabegvrisas. 1997w. pirvel naxevarSi es
winadadeba mowonebul iqna qveynebis umetesobaSi.
     gardamavali reJimis SemoRebisas SemuSavebul iqna informaciis gacvlis sistema dRg-s
mixedviT (VAT Information Exchange System (VIES))-sakontrolo meqanizmi, romelic
emyareba informaciis kompiutizirebul gacvlas kompaniaTa saregistracio nomrebis Sesaxeb da
maT brunvas kavSiris SigniT.1




                                                                                       - 19 -
           gardamavali reJimis moqmedebis bolosaTvis naTeli gaxda, rom harmonizaciis gzaze
    winwawevam amowura Sida rezervebi. ramdenadac warmoSobis sistemaze gadasvlisaTvis
    saWiro pirobebis miRweva ver moxerxda, gadawyda gardamavali periodis gagrZeleba 2001
    w. Bbolomde. evropis komisia gadavida dRg-s dabegvris sistemis kosmetikur refor-mebze.
    Evropis komisiis mier 1996w. wamoyenebul RonisZiebeTa paketi iT-valiswinebs:
1. registraciis wesis Secvlas; evrokavSiris SigniT garigebaTa gan-xorcielebisas kompaniebisaTvis
    sakmarisi iqneba erT qveyanaSi dare-gistrireba;
       2. nulovani ganakveTis gauqmebas eqsportTan mimarTebaSi, rac dani-Snulebis qveynis
    sagadasaxado organoebisagan moiTxovs kreditis gac-
       emas gadaxdili dRg-saTvis;
       3. srul erTgvarovnebas sagadasaxado bazasTan mimarTebaSi da ganakveTebis Zalze axlo
       konvergencias;
       4. kontrols evrokavSiris specialuri organoebis mxriv, wevr qveynebSi dRg-s amoRebaze.
           ekonomistTa umetesoba dadebiTad afasebs evrokavSiris pirobebs sagadasaxado
    harmonizaciis saqmeSi, radgan miaCniaT, rom sagadasaxado direqtivebis miRebam xeli
    Seuwyo umetesi sagadasaxado barierebis moxsnas da SesaZlebeli gaxada kapitalTa, saqonelTa
    da momsaxurebis ufro Tavisufali moZraoba evrokavSiris SigniT. miuxedavad amisa, cxadi
    xdeba, rom am procesis forsireba ewinaaRmdegeba zogierTi qveynis interesebs da finansuri
    konvergenciis politikas.
            ukanasknel wlebSi gadasaxadiT dabegvris problema evrokavSirSi gaamwvavda
    umuSevrobis zrdasTan dakavSirebiT. gavrcelebuli mosaz-rebis Tanaxmad, umuSevrobis
    maRali done evropaSi gamowveulia metis-meti sagadasaxado tvirTiT. saSualod evrokavSiris
    mixedviT gada-saxadebi mSp-s daaxloebiT 40% Seadgens, umuSevrobis saSualo done-
   11%. 1997w. dasawyisisaTvis umuSevrobis 10%-iani donis gadaWarbeba
  --------------------------------------
  1. Directive 77/799/EEC; Regulation 218/92/EEC on Administrative Corporation


    aRiniSna belgiaSi, safrangeTSi, germaniaSi, italiaSi; yvelaze maRali umuSevroba iyo
    espaneTSi-21,8%. SedarebisaTvis: aSS-Si da iaponiaSi sagadasaxado tvirTi mSp-s 30%-ze
    naklebs Seadgens; umuSevroba aSS-Si 5,5%, iaponiaSi ki 3%-ze cotaTi mets Seadgens.1
            cxadia, biujeturi deficitisa da saxelmwifo valis problemis gadaWra gadasaxadebis
    gadidebis xarjze miuRebelia qveynebis umrav-lesobisaTvis. saxelmwifo xarjebis Semcireba
    erTob saSiSi Ronis-Ziebaa. am pirobebSi garkveuli Zalisxmeva ixarjeba biujetis dafinan-
    sebisa da saxelmwifo valis Semcirebis sagadasaxado da arasainf-lacio gzebis mosaZebnad. 80-



                                                                                          - 20 -
  iani wlebis meore naxevarSi did bri-taneTSi gaCaRda privatizebis procesi, romlis erT-erTi
  mizani iyo saxelmwifo seqtoris moTxovnebis Semcireba sesxebze. 90-ian wlebSi es procesi
  gavrcelda sxva evropul qveynebze. 1995w. avstriam priva-tizaciis xarjze 1/5-iT Seamcira
  biujetis deficiti. safrangeTi da italia aseve varaudobdnen aseTive wesiT 1/8-iT SeemcirebinaT
  TavianTi biujeturi deficitebi. magram unda gaviTvaliswinoT, rom privatizacia biujeturi
  deficitebis dafinansebis SezRuduli wyaroa, amitom saga-dasaxado SemosulobaTa gadidebis
  problema erT-erT umniSvnelova-nesad rCeba saxelmwifo finansebis Teoriasa da praqtikaSi.



            $3.didi britaneTis safinaso politika: prioritetebis Secvla

      britaneTis gadasaxadiT dabegvris sistemis reformireba 80-90-ian wlebSi ganisazRvreboda,
erTi mxriv, konservatiuli mTavrobis Teori-uli mizandasaxulobebiT, meore mxriv, britanuli
finansuri sistemis funqcionirebis obieqturi pirobebiT. makroekonomikur politikaSi mom-xdari
gardatexa niSnavda im politikisagan gadaxvevas, romelsac ekono-mikuri zrdisa da dasaqmebis
mizani hqonda da prioritetuli amocanis saxiT inflaciisadmi kontrolis wamoyenebas
iTvaliswinebda.
-------------------------------------
1.The Economist, December,1996:March 1997 (http: //www. economist. com)
      wina mTavrobis stagflaciasTan brZolis warumateblobebma konser-vatorebi aiZules
eZebnaT makroekonomikuri politikis dasabuTebis sru-liad axali dasabuTebebi. konservatorTa
ekonomikuri platformis for-mireba mimdinareobda im koncefciis zegavleniT, romelmac
gavrceleba hpova 70-ian wlebSi da monetarizmis principebis modernizeba gamoiwvia:
1) ubralo monetaruli modelis srulyofa racionaluri molodinis Teoriis da sabazro wonasworobis
koncefciis inkorporirebis meSve-obiT, romelmac xazi gausva ekonomikuri agentebis mier fuladi
masis moculobis cvlilebis molodinis mniSvnelobas, da romlebic varau-dobdnen, rom fulad
politikaSi ganWvretadi cvlilebebi zegavlenas ver moaxdenen realur ekonomikaze.
2) rikardoseuli `wonasworobis Teoriis~ aRorZineba (Tumca ufro naklebad, vidre aSS-Si),
romlis Tanaxmad gamWriax momxmareblebs, gamomdinare saxelmwifo valis sididisagan,
SeuZliaT zustad Seafason momavali gadasaxadebis done. amis Sedegad saxelmwifo valis zrda,
misi dafarvisaTvis saWiro gadasaxadebis momaval gadidebasTan SexamebiT, Tavisi
ekonomikuri SedegebiT gadasaxadiT mimdinare dagegmvis tolfa-sia.1
3) `lukasis kritikis~ aRiareba, romelmac daasabuTa Tezisi imis Se-saxeb, rom, ekonomikuri
analizis tradiciul meTodebs ar SeuZliaT adeqvaturad Seafason politikis zegavlena mosaxleobis
molodinze.2


                                                                                         - 21 -
      am koncefciaTa miRebam gamoiwvia fulad-sakredito politikis ro-lis idealizeba da
makroekonomikuri politikis saSualovadiani safu-Zvlebis Seqmna ekonomikuri agentebis
molodinis formirebaze zemoq-medebis mizniT. makroekonomikur regulirebaSi biujeturi
politikis rolze monetaristebis tradiciuli Sexedulebis sapirispirod igi Sema-dgeneli nawilis saxiT
Sevida saSualovadian finansur strategiaSi. saSualovadian prognozirebaSi Tavisi CarTviT
biujeturi politika
--------------------------------------
 1.Barro R.J. Are Government Bonds Net Wealth? Journal of Political Economy, 1974. gv.82.
2. Lucas R.E. Jr. Econometric Policy Evaluation: A Critique, in Branner k. and Meltrer A.
The Phillips Curve and Labour Markets, Amsterdam, 1976.


mniSvneloba, aramed mxedvelobaSi miiReboda fuladi masisa da sarg-eblis ganakveTze Tavisi
zegavlenis gamo: biujetis struqturuli defic-iti inflaciuiri procesebis potenciuri wyaroa.
      amrigad, biujeturi politikis ZiriTadi amocana iyo fulad-sakre-dito politikis efeqtianobis
uzrunvelyofa, ZiriTadad sesxebze saxel-mwifo seqtoris moTxovnilebebis Semcirebis xarjze.
      saxelmwifo xarjebis ganuxreli zrda ukanasknel aTwleulebSi, ro-melic adasturebda a.
vagneris kanons,1 yvela ganviTarebuli qveynis finansuri sistemebis damaxasiaTebeli niSani
gaxda gamonaklisis gareSe. miuxedavad imisa, rom xarjebis absolutur maCvenebelTa
Semcirebis amocana SeuZlebeli iyo, m. teTCeris mTavrobis mier gatarebuli mkacri kursis
wyalobiT SesaZlebeli gaxda socialuri xarjebis zrdis tempebis–saxelmwifo biujetis erT-erTi
umniSvnelovanesi da swra-fadmzardi Semadgenlis ramdenadme Semcireba. amis Sedegad,
mTavrobis misamarTiT warmoiSva sayvedurebi imaSi, rom igi socialur integracias inflaciasTan
brZolis msvlelobaSi msxverplad gaiRebs.
      saxelmwifo       xarjebze      mzardma   zewolam   daaCqara    ekonomikidan     sa-xelmwifos
gamodevnis procesi. privatizaciis gancorcielebam SesaZ-lebeli gaxada saxelmwifo seqtoris
sididis Semcireba, saxelmwifo biujetze zewolis Semcireba socialuri uzrunvelyofis adgilobrivi
organoebis mxriv da sesxebze saxelmwifo seqtoris moTxovnis Sem-cireba. 80-iani wlebis
SuaxanebisaTvis mTavrobam uari Tqva aTwleulis dasawyisisis saSualovadiani finansuri
strategiis zogierT dogmaze da gadavida ufro aqtiuri da ufro Zvelmoduri biujeturi politikis
gatarebaze.
   arsebul pirobebSi gadasaxadiT dabevris sferoSi mTavrobis Ziri-Tadi amocana gaxda
sagadasaxado sistemis neitralurobis uzrunvelyo-fa mSp-Si gadasaxadebis stabiluri xvedri wilis
SenarCunebis piro-bebSi. dasaxuli amocanebis miRwevis saSualeba gaxda gadasaxadiT
dabegvris struqturis reformireba pirdapiri gadasaxadebidan irib ga-



                                                                                            - 22 -
-----------------------------------------
1. a. vagneris kanonis Tanaxmad saxelmwifo xarjebis zrdis tendencia, romelic XIX s-dan
SeiniSneba, mrewvelurad ganviTarebul qveynebSi dRemde narCundeba, sanam misi
ganviTareba aRmavali gziT wava.


dasaxadebze       aqcentis     gadatanis    meSveobiT.    gansxvavebiT    tradiciuli    mastimulirebeli
politikisagan, romelic emyareboda sagadasaxado SeRavaTebs, konservatorebma ganaxorcieles
sagadasaxado ganakveTebis
Semcireba sagadasaxado bazis imavdrouli gafarToebis gziT, SeRava-Tebis Semcirebis xarjze.
aman SesaZlebeli gaxada, erTi mxriv, sagada-saxado sistemis zegavlenis Semcireba
ekonomikuri agentebis mier gada-wyvetilebaTa miRebaze, meore mxriv, SemosulobaTa
mkveTri dacemis dauSvebloba.
      unda aRiniSnos, rom sagadasaxado sistemis neitralurobis gadi-debisadmi miswrafeba
ekonomikis calkeuli segmentebis sagadasaxado stimulirebaze srul uarisTqmas ar niSnavda.
mTavroba wvril kompa-niebze mxardaWeras agrZelebs mogebis gadasaxadiT dabegvris dife-
rencirebuli reJimis dawesebiT da biznesis gafarToebis specialuri sqemis SemuSavebiT. garda
amisa, korporaciaTa mogebis gadasaxadis ref-ormis msvlelobaSi SenarCunebul iqna
SeRavaTebi gamokvlevebsa da damuSavebebze. sagadasaxado stimulirebis prioritetuli sfero 80-
ian 90-iani wlebis meore naxevarSi danazogebis sxvadasxva forma xdeba.
      korporaciaTa da piradi Semosavlebis gadasaxadiT dabegvris 80-ian wlebSi gatarebulma
reformebma saqmianobis areali Seamcires meijoris mTavrobisaTvis. 90-iani wlebis pirvel
naxevarSi gagrZelda sagada-saxado struqturis Secvlis politika. amasTan, gadasaxadiT iribi da-
begvris     gaZlierebis      amocanam       axali   dasabuTeba   miiRo,   kerZod,      aqci-zebis    zrda
argumentirdeboda garemos da adamianis janmrTelobis dac-vis aucileblobiT. magram
RonisZiebebi pirdapiri gadasaxadebis Tvalsaz-risiT umeteswilad populistur xasiaTs atarebda,
vidre ekonomikur mizanSewonilobas pasuxobda. 1996w. samomxmareblo moTxovnis zrdis
mkveTri, arafriT Seuferxebeli zrdis nacvlad konservatorebma gamoa-cxades saSemosavlo
gadasaxadis sabazo ganakveTis Semcirebis Sesaxeb. xazinis prognozebis sapirispirod, imis
Sesaxeb, rom samomxmareblo bumi 1997w. uzrunvelyofda mSp-s 3%-ian gadidebas, inglisis
banki SeS-foTebas gamoxatavda inflaciuri afeTqebis SesaZleblobis Tvalsaz-risiT. situaciis
logikuri dasasruli SeiZleba yofiliyo restri-qciuli fiskaluri politikis gatareba, rac albaT
gakeTdeboda kidevac, rom ara momavali arCevnebi.
      Tanamedrove periodSi evropis qveynebis umetesobaSi didi brita-neTis CaTvliT finansur
politikaze zegavlenis momxdeni mniSvnelovani faqtori iyo erTiani evropuli valutis



                                                                                                    - 23 -
SemoRebisadmi mzadeba. maas-trixis SeTanxmebis pirobebiT ekonomikur da savaluto kavSirSi
Ses-vlis pretendenti qveynebis biujeturi deficiti ar unda yofiliyo maTi mSp-s 3%-ze meti, xolo
mogvianebiT `stabilurobis paqtis~ Tanaxmad biujetis 3%-iani deficiti daiSveboda mxolod
ekonomikuri daqveiTebis periodSi, xolo aRmavlobis msvlelobaSi igi 1%-ze meti ar unda
yofiliyo. did britaneTSi 90-iani wlebis dasawyisSi ekonomikuri daqv-eiTebiT gamowveulma
xarjebis zrdam, gaarTula biujeturi deficitis Semcirebis amocana. miuxedavad amisa,
mizanmimarTuli politikis gatarebam da Semdgomma ekonomikurma aRmavlobam SesaZlebeli
gaxada biujetis nulovani deficitis daprognozeba aTwleulis dasasru-lisTvis. dasavleTevropuli
integraciis kidev erTi Sedegia gada-saxadiT iribi dabegvris prognozireba. sxva qveynebTan
SedarebiT dRg-s dabalma ganakveTebma did britaneTSi misi mimdinareobis SedarebiTi
umtkivneuloba uzrunvelyo (gansxvavebiT, magaliTad,safrangeTisagan).
     konservatorTa mier TxuTmet welze meti xnis ganmavlobaSi gata-rebuli Tanmimdevruli
sagadasaxado politikis Sedegad britanuli gadasaxadebis struqturam mniSvnelovani cvlilebebi
ganicada.
     1978/1979 wlebidan saxelmwifo SemosulobaTa struqturaSi yvelaze ufro arsebiTi
cvlilebebi   dakavSirebuli   iyo   saSemosavlo   gadasaxadis   xvedri     wilis   mniSvnelovan
SemcirebasTan, romelic kompensirebuli iyo dRg-dan SemosulobaTa gadidebiT da ufro naklebad
aqcizebis Semci-rebiT saTbobze da socialuri dazRvevis fondSi Senatanebze.
     gadasaxadebisa da daxmarebaTa didi britaneTSi arsebuli sistema mTliani Semosavlis
mniSvnelovanwilad gadanawilebis saSualebas iZ-leva.
     sabiujeto politikis gamkacrebam ekonomikis gamococxlebis fonze ukanasknel wlebSi
SesaZlebeli gaxada saxelmwifo seqtoris sesxebze moTxovnis arsebiTi Semcireba-1993/94w.
45,4 mlrd f. st.-dan 26,4 mlrd f. st.-mde 1996/97 wels (mSp-s 3,5%). xazinis prognozebiT,
saxelmwifo seqtoris moTxovna sesxebze unda Semcirebuliyo 1997/98w. mSp-s 2,5%-mde.
ukanaskneli konservatuli mTavroba imedovnebda biujetis deficitis likvidirebas moklevadian
periodSi, ZiriTadad saxelmwifo xarjebis winmswrebi zrdis xarjze (TiTqmis 20%-iT 1996/97-
dan 2000/01-mde), xarj-ebTan SedarebiT (TiTqmis 10%-iT).
     leiboristebis ganzraxva ori wlis manZilze mxari dauWiron konservatorTa ukanasknel
biujetSi, biujeturi xarjebis damtkicebul gegmebs, misdion saxelmwifo nasesxobis `oqros wess~
da SeinarCunos saxelmwifo valis xvedri wili stabilur doneze, saSualebas iZleva vilaparakoT
gansazRvrul memkvidreobiTobaze finansur politikaSi. magram situacia SeiZleba gauaresdes
ciklur meryeobaTa zegavleniT, ramdenadac, ganuwyveteli 5 wliani aRmavlobis Semdeg
ekonomikuri daqveiTeba savsebiT SesaZlebelia.
     cxr.1.5. didi britaneTis swxeelmwifo biujetis zogierTi maCvenebeli



                                                                                         - 24 -
                                 1996/97   1997/98   1998/99    1999/2000      2000/2001
 saxelmwifo                        280,9    299,4       315          333             352
 Semosavlebi
 saxelmwifo                        307,4    314,7       322          331             339
 xarjebi
 saxelmwifo xarjebi                308,5    319,0       327          336             335
 saxelmwfo            seqtoris     26,4      19,2        12           3               -8
 moTxovna sesxebze
 xarjebis xvedri wili mSp-         41,3       40         39          38,3            37,5
 Si(%)
 saxelmwifo           seqtoris      3,5      2,5        1,5          0,5             -0,75
 sesxebze        moTxovnis
 xvedri wili mSp-Si
    wyaro: Financial Statement and Budget Report, 1997-1998
         leiboristebis gamarjvebam sayovelTao arCevnebSi 1997 wels ar gamoiwvia kardinaluri
cvlilebebi finansur politikaSi, yovel SemT-xvevaSi, pirvel leiboristul biujetSi, kursis mkveTr
Secvlaze mimar-Tuli RonisZieba ar iqna miRebuli. ufro metic, jer kidev 1997 w. ian-varSi
gordon braunma, romelic maSin finansTa Crdilovani ministri iyo, ganacxada imis Sesaxeb, rom
leiboristebi mTavrobaSi mosvlis SemTxvevaSi, ori wlis manZilze, e.i. 1999w. aprilamde mxars
dauWeren konservatorTa ZiriTad mizandasaxulobebs saxelmwifo xarjebis Tval-sazrisiT. unda
aRiniSnos, rom ekonomistTa umravlesobis Tvalsa-zrisiT, toris ukanasknel biujetSi imdenad
mouWires qamrebs, rom TviTonac ki Zlivs SeeZloT xarjebis SenarCuneba daniSnul
sazRvrebSi. jer arc erTi leiboristuli mTavroba winaT ar arwmunebda amomrC-evlebs imaSi,
rom mkacr politikas gaatareben xarjebisa da gadasa-xadebis TvalsazrisiT.
     sayovelTao nacionalizaciis Tezisze uarisTqma, romelsac leibo-ristebi TiTqmis 80 wlis
manZilze icavdnen, sabazro ekonomikis prin-cipebis aRiareba, konservatizmTan daaxloeba
zogierT socialur da politikur sakiTxTa ganmartebaSi, gamoiwvia socialisturi leibo-ristuli partiis
gamoyofa, ukiduresad memarcxeneTa da profkavSiris daSoreba.
  sxvaTa Soris aman arc ise Seasusta leiboristebi, metadre piriqiT, SesaZlebeli gaxada partiis
darazmulobaze laparaki, da rac yvelaze mTavaria, maT mxares moizida saSualo klasi, romelic
tradiciulad konservatorTa dasayrdenad iTvleboda.
      gadasaxadebi sasargeblo Tema gaxda leiboristebisaTvis arCevnebis wina periodSi,
ramdenadac damarcxebis erT-erTi mTavari mizezi iyo 1992 w. pensiebisa da bavSvTa
daxmarebis xarjebis gadidebis dapireba unda dafinansebuliyo mdidar adamianTa ufro maRali



                                                                                             - 25 -
gadasaxadebidan, magram, ara mxolod mdidrebma, aramed imaTac, vinc imedovnebda
TavianTi Semo-savlebis gadidebas, amjobines konservatorebisaTvis xmis micema. gamoc-
dilebiT SeiaraRebuli leiboristebi winasaarCevno kompaniis msvlel-obaSi iseTive konservatulebi
gaxdnen finansuri politikis Tvalsaz-risiT, rogorc TviT konservatorebi: axali valdebulebebi,
mcire gamo-naklisis gareSe mowmobda leiboristTa zomierebaze.
       1996w. gazafxulze toni blerma gansazRvra leiboristuli biuje-tis xvedriTi nawilis
formirebis principi-xarjviTi muxlebis priori-tetuloba. am kriteriumis Sesabamisad Crdilovan
kabinets unda moemza-debina xarjebis SesaZlo Semcireba. prioritetulis saxiT ganisazRvra
ganaTlebis, profesiuli swavlebis xarjebi da umuSevrobasTan brZolis programebi. leiboristebis
mtkicebis Tanaxmad, umuSevarTa raodenobis Semcirebas pozitiuri efeqti unda hqonoda
biujetze: programis dafinan-sebis xarjebi kompensirebuli iqneboda daxmarebaTa xarjebis
SemcirebiT. SesaZloa, es asea, magram mxolod xangrZlivvadian perspeqtivaSi. mokle-vadian
periodSi xarjebi gaizrdeba da dafinansebuli unda iqnen.
      programebis dafinansebis SesaZlebloba saxelmwifo xarjebis safu-Zvelze braunma
gadafara `oqros wesis~ SemoRebiT, romlis Tanaxmad mTavrobam ekonomikuri ciklis
msvlelobaSi imaze meti ar unda isesxos, vidre investirebas ganaxorcielebs. amasTan,saxelmwifo
vali mkacrad fiqsirdeba da mSp-s stabilur xvedr wils Seadgens. arsebul pirob-ebTan
mimarTebaSi `oqros wesi~ gulisxmobs saxelmwifo sesxebs mSp-s 1,5%-is doneze.
       samuSaoTi dakmayofilebis an 25 wlamde asakis axalgazrdebis profesiuli swavlebis
dafinansebis varaudiT 1997w. biujetSi SemoRebul iqna `gauTvaliswinebeli mogebis~
gadasaxadi privatizebuli komunaluri sawarmoebidan. am gadasaxadis garda, leiboristTa
TvalTaxedvis areSi arCevnebis win mudmivad imyofeboda saSemosavlo gadasaxadi da damate-
buli Rirebulebis gadasaxadi (dRg). swored isini hwonda mxedvelobaSi brauns, rodesac
amomrCevlebs imaSi arwmunebda, rom mas gadasaxadebis gadidebis gegma ar hqonda. swored
am gadasaxadebis ganakveTebis gadi-deba miiReba gansakuTrebiT mwvaved. amis Sedegad
winasaarCevno kampania Tavisebur Sejibrad gadaiqca: konservatorebma Seamcires sabazro
ganak-veTi, miuxedavad RonisZiebis ekonomikuri dausabuTeblobisa, leibori-stebi, TavianT
mxriv, dapirdnen saSemosavlo gadasaxadis qveda ganakve-Tis 20-dan 10%-mde dawevas, im
dapirebiT, rom `rodesac pirobebi amis SesaZleblobas miscemda~. braunma aseve dapirda ar
SemoeRo dRg sa-zogadoebrivi transportis tarifebze da Seemcirebina dRg saTbobze 8-dan 5%-
mde, rac gakeTda oriode Tvis gasvlis Semdeg mTavrobaSi mosv-lidan.
       danapirebi saSemosavlo gadasaxadis TvalsazrisiT savsebiT Ses-rulebadia: sagadasaxado
tvirTis gadideba savsebiT ar iTvaliswinebs swored am gadasaxadis usityvo gadidebas.
mravalricxovani gadasaxadebi Semosavlebze da xarjebze, sagadasaxado fasCamoklebebi,



                                                                                       - 26 -
SeRavaTebi, aqcizebi, Senatanebi, e.i. yvelaferi is rac Tanamedrove sagadasaxado sistemas
Seadgens, amoRebebiT manipulirebis saSualebebs iZleva sak-maod farTo farglebSi. ise, rom
gadasaxadis ubralo gadamxdelisTvis yovelTvis rodia gasagebi,igi mets ixdis Tu naklebs. biujetis
Sevsebis mniSvnelovan SesaZleblobebs iZleva `mwvane gadasaxadebi~. Semosavlebis kidev
erTi wyaro, romlis Sesaxeb araiSviaTad ixsenebs gordon brauni, aris sagadasaxado
TavdasaZvrenTa daxurva. miuxedavad konservatorTa mkacri kritikisa, romlebic saSemosavlo
gadasaxadis    SemcirebasTan        erTad,     imavdroulad   adidebdnen   sagadasaxado    tvirTs
meorexarisxovani gadasaxadebis xarjze, saeWvoa ar Rirdes imis albaTobis gamoricxva, rom
leiboristebs mouxdeT maTi magaliTisadmi midevneba.
        xangrZlivvadiani investiciebis mcire moculobis, britanuli ekonomikis erT-erT sakvanZo
problemad     aRiarebiT,   leiboristebi      prob-lemis   gadaWras   varaudobdnen   gadasaxadis
ganakveTebis varirebis meS-veobiT kapitalis matebaze, aqtivebis flobis periodis xangrZlivobis
Sesabamisad. magram gadasaxadis proeqti seriozulad iqna gakritikebuli britanul saqmian
wreebSi. am winadadebas uaryofiTi Sefaseba misca ekonomikuri saqmianobisa da saxelmwifo
politikis komisiam Tavis anga-riSSi. gadasaxadis winaaRmdeg Tavisi azri gamoTqva aseve
sapensio fon-debis erovnulma asociaciam.
        1997w. ivlisis biujetSi xangrZlivvadiani investiciebis zrdis uzrunvelyofis amocana
gamoyofil iqna prioritetuli amocanis saxiT. am mizniT, korporaciaTa mogebis gadasaxadis
standartuli da SeRa-vaTiani ganakveTi Semcirebul iqna 10 procentuli punqtiT-31-dan 21%-mde,
Sesabamisad. korporaciuli gadasaxadis reformireba saSemosavlo gada-saxadisagan gasxvavebiT
ar reklamirdeboda leiboristebis mier wina-saarCevno kampaniis msvlelobaSi, ris gamoc
miRebuli zomebi yovel-Tvis didi moulodneloba gaxda. gamoricxuli rodia, rom oficialuri axsnis
garda arsebobs am cvlilebaTa kidev ramdenime mizezi: jer-erTi, korporaciuli gadasaxadis
ganakveTebis Semcireba nakleb mtkivneulia saxelmwifo biujetisaTvis, vidre saSemosavlosi;
meore    mxriv,   arevnebis   win     leiboristebs   mxari   dauWires   zogierTma   umsxvilesma
kompaniebma, romlebic dainteresebuli iyvnen didi britaneTis SesvlaSi evrokav-SirSi da `evros~
SemoRebiT, ase, rom standartuli ganakveTis Semcireba ekonomikur pirobebSi, romelic
moiTxovs mkacri finansuri politikis gatarebas, SeiZleba Taviseburi saxis daTmobac ki yofiliyo
am kom-paniebisaTvis.
        ar warmoadgendnen ra farTo privatizaciis momxreebs, leibo-ristebma SeimuiSaves
saxelmwifo kompaniaTa efeqtianobis gadidebis sakuTari xerxi, pirvel rigSi, transportze. jer
kidev konservatorebis dros kerZo kapitalebis mozidvis programa saxelmwifo proeqtebis da-
safinanseblad, realurad muSaobda britaneTis zogierT raionSi, sadac leiboristebi umravlesobas
warmoadgendnen xelisuflebis adgilobriv organoebSi. gaangariSeba imas emyareboda, rom



                                                                                         - 27 -
franCaizingis safuZvelze moqmedi sqema SesaZlebels gaxdida investiciebis mozidvas, momge-
bianobis miRwevas, amasTan, sawarmoebze saxelmwifo kontrolis Senar-CunebiT da, rac
yvelaze mTavaria, saxelmwifo biujetze zewolis Sem-cirebas. mTlianad es programa savsebiT
realuri Cans da sakmaod efe-qtiani.
       Tuki leiboristebi mxars dauWeren TavianT danapirebs finansuri politikis TvalsazrisiT,
maT is unda gaakeTon, rac konservatorebma mTlad ise ver gaakeTes, miuxedavad didi
Zalisxmevis gamoCenisa: ganesazRvra axali strategiuli prioritetebi saxelmwifo xarjebis
TvalsazrisiT,   ara   ubralod   saministroTa   programebis,   aramed   mTl-ianad   saxelmwifo
pasuxismgeblobis sferos SezRudviT, imisaTvis, rom daekmayofilebina danarCenTa mzardi
zewola. leiboristebis politika TavianTi mmarTvelobis pirvel TvebSi adasturebda, rom isini
swored aseTi gziT wavidnen.

  $4 makroekonomikuri modelireba rogorc alternatiul winadadebaTa
                                      Sefasebis modeli


     gadasaxadiT dabegvraSi sxvadasxva cvlilebebis zegavlena infla-ciis doneze, warmoebis da
dasaqmebis zrdaze makroekonomikuri mode-lirebis prognozirebis saSualebas iZleva, romelic
sxvadasxva ekono-mikur cvladebs Soris raodenobriv damokidebulebaTa maTematikuri
warmodgenaa da alternatiul praqtikul winadadebaTa Sefasebis erT-erTi meTodia.
     1983w. seqtemberSi q.uorikas universitetis ekonomikuri da socia-luri kvlevebis sabWom
Seqmna makroekonomikuri modelirebis biuro. misi mTavari mizani gaxda swavluli
ekonomistebisa da politikosebisaTvis SesaZleblobaTa uzrunvelyofa britaneTis ZiriTadi
makroekonomikuri modelebis analizisa da SedarebisaTvis:
     Her Majesty’s Treasury (HMT);
     the London Business School(LBS);
     the National Institute of Economic and Social Research(NIESR);
     the Liverpool University Research Group in Macroeconomics(LPL)
     the Bank of England(BE);
     the Cambridge Growth Project(CGP);
     the City University Business Scholl(CUBS)
     yovelwliurad (Cveulebriv agvistoSi) kvleviTi jgufebi biuroSi warmoadgenen TavianTi
modelebis mimdinare versiebs Sesabamisi prog-ramuli uzrunvelyofiT da monacemTa bazebiT,




                                                                                       - 28 -
romelbic gaerTianebuli akademiuri qselis(IANET) meSveobiT xelmisawvdomi xdeba
akademiuri swavlebisaTvis.
     ganvixiloT finansuri politikis modelireba HMT, NIESR da LBS m modelebSi.
saxazino modeli moicavs gantolebaTa da cvladebis did raodenobas (700-ze met gantolebas da
1275 cvlads) da warmoadgens saxelmwifo seqtoris detalizebul analizs. LBS aris agregirebuli
kvartaluri modeli, romelic moicavs 720 cvlads (romelTagan 70 egzo-genuria) da 100-mde
gantolebas, cvladebis 1/3-mde am modelSi finansur seqtors miekuTvneba. NIESR modelSi 320
cvladia, romelTagan 100-mde egzogenuria. yvela modeli misdevs Semosaval-gasavlebis
(xarjebis) tradiciebs, Tumca LBS modeli xSirad iTvleba `saerTaSoriso mo-netaristul
modelad~.
     am modelebis daxmarebiT gaanalizebul iqna mocemuli sididis finansuri eqspansiis
SesaZlo Sedegebi, saxeldobr, 1 mln f.st-sa 1980w. fasebiT. ganixileboda finansuri stimulirebis
oTxi varianti:
     1) pirdapiri gadasaxadebis Semcireba;
     2) dRg-s Semcireba;
     3) mimdinare samTavrobo xarjebis gadideba;
     4) samTavrobo investiciebis gadideba;
     xarjebis gadidebis SemTxvevaSi ekonomikaSi uSualod SeSxapundeba 1 mln f.st.
gadasaxadebis Semcirebis modelirebisas igulisxmeba, rom ganakveTebi iseTnairad Seicvleba,
rom akrefili gadasaxadis Tanxa aqtiurobis arsebuli donis dros Semcirdes 1 mln f. st-iT.
     modelebs Soris gansxvavebis safuZvelia finansuri stimulebis Tavdapirveli zegavlena
endogenur cvladebze. mimdinare xarjebis gadidebas maRali Sinagani tevadoba gaaCnia da
uSualod zemoqmedebs dasaqmebaze. saxelmwifo investiciebis zrdas (LBS da NIESR mode-
lebSi, romelic dayofilia rezidentul da ararezidentul seqtorebs Soris) pirdapiri zegavlena gaaCnia
dasaqmebaze      iq,   sadac    dasaqmebulia       firma-moijareTa    kerZo     seqtori.   garda
amisa,kapdabandebebs importisadmi sakmaod maRali zRvruli midrekileba gaaCniaT.
     gadasaxadebi, TavianT mxriv, pirdapir zegavlenas axdenen Semo-savlebis sidideze
gadasaxadis gadaxdis Semdeg, da amiT adideben moxmarebas. magram pirdapiri da iribi
gadasaxadebis zemoqmedebis mimarTulebebi sxvadasxvanairia: gadasaxadiT iribi dabegvris
cvli-lebebi damokidebulia moxmarebisadmi zRvrul midrekilebaze. iribi gadasaxadebis
Semcireba erTaderTia, rac iwvevs fasebis Semcirebas. yve-la RonisZieba mTlian moTxovnaze
zemoqmedebiT, iribad adidebs infla-ciur zewolas.
     araarsebiTi wvrilmanebisagan abstrahirebisa da modelirebaTa erTi-ani safuZvlis
gansazRvris mizniT SeTanxmebul iqna Semdegi daSvebebi:


                                                                                           - 29 -
       1)       ucxoel mTavrobaTa politika ar icvleba da zegavlenas ar axdens sargeblis
                ganakveTebze, fulis miwodebaze, tarifebze da a.S.
       2)       savaluto kursi fiqsirebuli araa, ar arsebobs ukukavSiri didi britaneTis savaluto
                kurssa da sargeblis ganakveTs da mis finansur politikas Soris.
       3)       tardeba moqnili fuladi politika, romelic gamodevnis efeqtis eliminirebas axdens,
                e.i. fulis miwodeba icvleba iseTnairad, rom gaawonasworos deficitiT
                gamowveuli dama-tebiTi moTxovna fulze. finansuri stimulirebis Sedegebi
                fiqsirebuli fuladi miwodebis pirobebSi ganixileba dama-tebiT HMT modelSi.
       sxvadasxva finansur RonisZiebaTa zegavlena ekonomikaze ganisaz-Rvreba Sesabamisi
dinamiuri multiplikatorebis kalkulirebis meTo-diT, romelic gviCvenebs yoveli konkretuli
RonisZiebis zegavlenis xarisxs mSp-ze. multiplikatori gaiangariSeba rogorc sxvaoba realur
mSp-s Soris sabazo da saprognozo periodebSi, gayofili Tavdapirveli impulsis sidideze. klasikuri
keinzuri Teoriis Tanaxmad, dinamiuri moltiplikatori erTze metia,
       magram, zogierT SefasebiT dinamiuri multiplikatori did brita-neTSi 80-iani wlebis
SuaxanebSi erTze naklebi iyo ZiriTadad, improtis maRali donisa da inflaciis Sedegebis gamo.
       samTavrobo xarjebis modelirebis dros multiplikatorebis daSo-riSoreba modelebis
mixedviT umniSvneloa da tradiciul Sexedulebebs Seesabameba, romelTa Tanaxmad
multiplikatori 1-is toli an cotaTi metia masze multiplikatorebis yvelaze didi mniSvneloba
aRiniSneba mimdinare samTavrobo xarjebis gadidebis modelirebis dros im piro-biT, rom fuladi
politika Seguebadia (ix.cxr. 1.6.)
       cxr. 1.6. dinamiuri multiplikatorebi Tavdapirveli impulsis 4 wlis Semdeg.
                                                 HMT                LBS            NIESR
 mimdinare saxelmwifo xarjebi                      1,09             1,41            1,11
 Saxelmwifo investiciebi                           0,99             1,26            1,14
 pirdapiri gadasaxadebi                            0,95             1,26            0,45
 dRg                                               1,39             0,63            0,48


       sagadasaxado modelirebaTa Semcirebas ufro farTo spe-qtri gaaCnia: multiplikatorebi
minimaluria NIESR modelSi (0,45 da 0,48 pirdapiri gadasaxadebisa da dRgsaTvis
Sesabamisad) da maqsimalurad LBS (1,11-pikrdapiri gadasaxadebis modelirebisas) da
NIESR(1,39-dRg-s modelirebisas) modelebSi. modelirebis Sedegebi imaze mowmoben, rom
improtSi da danazogebSi mcire gadinebis SemTxvevaSi xarjebis gadideba ufro efeqturia, vidre
gadasaxadebis Semcireba. mTlianad, ekonomikis finansur stimulirebis Sedegi ekonomikuri
aqtiurobis gadideba iqneba 0,5 da 1,5 jer im pirobiT, rom fuladi politika Semguebluria.


                                                                                           - 30 -
winaaRmdeg SemTxvevaSi finansuri stimulebi gamoidevneba, ramac SeiZl-eba gamoiwvios
aqtivobis dacema-Sedegi, romelic mosalodnelis pirda-pir sapirispiroa.
     mimdinare samTavrobo xarjebis ufro dabali multiplikatoris mizezi NIESR modelSi aris
am modelis orientireba xelfasisa da fasis reaqciaze. miuxedavad imisa, rom realuri piradi
Semosavlis gadideba NIESR da LBS modelebSi msgavsad xorcieldeba, xelfasis zrda iwvevs
ufro maRl fasebs, rac zegavlenas axdens danazogebze da anelebs samomxmareblo xarjebis
zrdas.
     xelfasis reaqcia HMT-s modelSi ramdenadme ufro sustia, vidre NIESR modelSi,
amitom fasebis Semdgomi dabali zrda pirveli oTxo wlis ganmavlobaSi iwvevs did
samomxmareblo xarjebs. Sedegi HMT modelSi mniSvnelovnad gansxvavdeba fiqsirebuli
fuladi miwodebis daSvebis dros.am SemTxvevaSi multiplikatori ecema TiTqmis maSinaTve da
gacilebiT dabla, vidre sxva safinanso daSvebebis dros. Sem-guebluri fuladi miwodebis
ganxilvisas modelebs Soris gansxvaveba mSp-ze mimdinare xarjebis gadidebis zegavlenis
TvalsazrisiT pirveli oTxi wlis manZilze umniSvneloa, magram Sedegebi arsebiTad gansx-
vavdeba xangrZlivvadian periodSi.
     HMT da LBS modelebSi saxelmwifo investiciebis multipli-katorTa mniSvneloba
mimdinare xarjebis multiplikatorTa mniSvne-lobaze dabalia. es imiT aixsneba, rom jer-erTi,
mimdinare xarjebTan SedarebiT pirdapiri dasaqmeba zegavlenaze, Semosavlebze, da moxmar-
ebaze mcirea; meore, importisadmi zRvruli midrekileba am SemTxvevaSi maRalia. NIESR
modelSi saxelmwifo investiciebisa da mimdinare xarjebis multiplikatorebi mniSvnelobiT axlos
arian erTmaneTTan, fasebis naklebi gadidebis gamo, investiciebis gadidebisas.
     pirdpiri gadasaxadebis multiplikatorTa mniSvneloba arsebiTad gansxvavdeba LBS da
HMT modelebSi, erTi mxriv, da NIESR modelSi, meore mxriv. magram pirdapiri
gadasaxadebis Semcirebis zegavlena mSp-ze ufro dabali aRmoCndeba, vidre saxelmwifo
xarjebis gadidebisas (pir-dapiri gadasaxadebis multiplikatorebis mniSvnelobebi ufro naklebia
mimdinare xarjebis da investiciebis multiplikatorebze), ramdenadac gadasaxadebis Semcireba
irib zegavlenas axdens mTlian moTxovnaze Semosavlis gadidebis meSveobiT gadasaxadis
gadaxdis Semdeg. damat-ebiTi Semosavlis ganawileba moxmarebasa da danazogebs Soris,
Tavis mxriv, ganisazRvreba moxmarebisadmi (dazogvisadmi) zRvruli midreki-lebiT.
     NIESR modelSi multiplikatori izrdeba umniSvnelod Semosavlis dabali elastiurobis
gamo am modelSi: miuxedavad imisa, rom realuri Semosavlebis da fasebis cvlileba erTnairad
xdeba yvela modelSi, moxmareba LBS da HMT modelebSi izrdeba gacilebiT ufro metad, vidre
NIESR modelSi.



                                                                                      - 31 -
     gansxvavebiT saxelmwifo xarjebis multiplikatorebisagan, romle-bic xangrZlivvadian
periodSi mcirdeba, pirdapiri gadasaxadebis multi-plikatorebi yvela modelSi stabiluri rCeba, rac
inflaciis naklebi doniT aixsneba, gadasaxadebis Semcirebisas, ramdenadac Semosavlis gadideba
gadasaxadebis gadaxdis Semdeg garkveulwilad aferxebs xel-fasis zrdas da inflaciuri zewolis
kompensirebas iwvevs gazrdili saqmiani aqtiurobis Sedegad, da maSasadame nakleb
`gamodevnas~, rac ganpirobebulia simdidris efeqtiT.
     unda aRiniSnos, rom finansur eqspansias warmateba eqneba mxolod Semguebluri fuladi
politikis pirobebSi. fiqsirebuli fuladi miwodebis SemTxvevaSi warmoebs finansuri stimulebis
sruli `gamod-evna~ da multiplikatori uaryofiT mniSvnelobas Rebulobs. es Sedegi xazs usvams
sakredito-fuladi politikis rols, ekonomikis finansuri stimulirebis gatarebisas, ramdenad
mniSvnelovania fuladi Seguebis arCeva saboloo Sedegebze. amrigad, fiqsirebuli fuladi
miwodebis dros (monetaristuli politikis erT-erTi ZiriTadi principi) gadasa-xadiT pirdapiri
dagegmvis Semcireba ar iwvevs mSp-s zrdas moklevadian periodSic ki.
     dRg-s Semcirebis Tavdapirveli zegavlena yvela modelSi fasis DSemcirebiT gamoixateba,
rac iwvevs realuri Semosavlebis da, maSa-sadame, samomxmareblo xarjebis zrdas. NIESR
multiplikatori yvelaze dabalia, asaxavs ra Semosavlis nakleb elastiurobas da moxmarebis did
gadinebas importSi, vidre or sxva modelSi. HMT multiplikatori piriqiT, maqsimaluri, rac
aixsneba realuri Semosavlebis zrdiT, sxva modelebTan SedarebiT xelfasis Senelebuli reaqciiT
fasebis dacemaze. NIESR da LBS modelebSi xelfasi ufro swrafad mcirdeba fasebis
Semcirebis pasuxad da es realur Semosavlebs mkveTrad gadidebis sa-Sualebas aZlevs.
     xangrZlivvadian periodSi inflaciis dabali done narCundeba mxolod HMT-s modelSi
NIESR modelSi fasebi TandaTanobiT aRdgeba Tavdapirvel donemde. LBS modelSi fasebi
ara mxolod swrafad aRi-dginebian, aramed mesame wlidan iwyeba maTi zrda.
     mTlianad dRg-s Semcireba politikis sakmaod mimzidveli mimar-Tulebaa, ramdenadac
gamoSvebis gadidebis saSualebas iZleva inflaciis naklebi donis pirobebSi. HMT modelSi dRg-
s Semcireba finansuri stimulirebis yvelaze ufro efeqtian meTodad miiCneva.
     Tanamedrove koncefciebis Tanaxmad, nebismieri finansuri stimulis Sedegi kerZo seqtoris
xarjebis grkveuli `gamodevna~ iqneba. magaliTad, saxelmwifo seqtorSi dasaqmebis gadidebis
mizniT miRebuli RonisZiebebi dasaqmebis garkveul Semcirebas gamoiwveven kerZo seqtorSi
im zomiT, ra zomiTac gamodevna xorcieldeba. finansuri gamodevna xorcieldeba sar-geblis
ganakveTebis da portfelis efeqtis gadidebis Sedegad; realuri gamodevna fasebisa da xelfasis
donis zrdis Sedegia da moTxovnis Semcirebis tendencia gaaCnia.




                                                                                         - 32 -
     realuri gamodevnis niSnebi SesamCnevia HMT-s mdelSi. samTavrobo xarjebis
modelirebisas multiplikatori maqsimums aRwevs mesame wels da Semdeg iwyebs dacemas.
LBS da NIESR modelSi realuri gamodevnis niSnebi umniSvneloa, magram erTob SesaZloa,
rom modelirebis ufro xangrZliv periodSi gamodevnis efeqti ufro SesamCnevi iqneba.
     finansuri stimulirebis Sedegebis gansazRvrisaTvis alternatiuli sakredito-fuladi politikis
gatarebis dros ganxorcielda damatebiTi analizi HMF-s modelSi, fiqsirebuli fuladi miwodebis
gaTvalis-winebiT. fiqsirebuli fuladi miwodebis wesi sruldeba M3,M2 da saSu-aloSewonilebis
targetirebis dros, instrumentis saxiT gamoiyeneboda sargeblis mniSvnelovani ganakveTebi.
     samTavrobo xarjebis      modelirebis    dros   fiqsirebuli   fuladi   mi-wodebis   pirobebSi
multiplikatorebi gacilebiT dabali aRmoCnda, vid-re Semguebluri fuladi politikis daSvebisas:
meoTxe wlisaTvis moxda sruli gamodevna-multiplikatorebi nulamde daeca. es moxda sargeblis
ganakveTebis zrdis gamo, romelic fiqsirebul fulad miwodebas inarCu-nebs, samTavrobo
xarjebis gadidebisas. sargeblis ganakveTebis zrda zegavlenas axdens rogorc samomxmareblo
moTxovnaze, ise kompaniaTa sainvesticio saqmianobaze da aseve iwvevs savaluto kursis
xelovnur gadidebas, konkurentunarianobis gauaresebas da wminda eqsportis Semd-gom
Semcirebas. magram fasebis zrda fiqsirebuli fuladi miwodebis dros ufro dabalia.
     pirdapiri gadasaxadebis modelirebisas sruli gamodevna xdeba ukve pirvel wels imis gamo,
rom sargeblis gazrdili ganakveTebi ufro dabali gadasaxadebisagan miRebuli mogebis
neitralizebas axdenen.
     dRg-s multiplikatori aseve dabalia fiqsirebuli fuladi miwo-debis dros, magram eqvswliani
periodis manZilze sruli gamodevnis modelireba ar xdeba (Tumca multiplikators Semcirebis
tendencia gaaCnia ukanaskneli ori wlis manZilze. multiplikatoris aseTi qcevis mizezi isaa, rom
dRg-s ganakveTis Semcireba pirdapir zegavlenas axdens fasze, misi SemcirebiT, ris
meSveobiTac ferxdeba gaZlierebuli zewola fulad moTxovnaze da, maSasadame, aixsneba
sargeblis ganakveTebis gadidebis aucilebloba fuladi agregatebis targetirebisTvis.
     modelirebaTa Sedegebi mowmoben imis Sesaxeb, rom saxelmwifo xar-jebis gadideba
gamoSvebis gadidebsa da umuSevrobis Semcirebis yvelaze swrafi da yvelaze efeqtiani
meTodia, magram am SemTxvevaSi warmoebs inflaciis donis mniSvnelovani zrda. mTlad
naTeli araa ramdenad stabiluri iqneba ekonomikuri aRmavloba. gadasaxadebis Semcirebis Ro-
nisZiebebi mTlianad ar iwvevs iseT sraf Sedegebs, magram maT Tan axl-avT fasebis naklebi
gadideba. gansakuTrebiT mimzidvelad gamoiyureba dRg-s Semcirebis RonisZiebebi, mSp-s
arsebiTi zrdis gamowveviT, zomieri sainflacio Sedegebis pirobebSi. ramdenime RonisZiebis
erTdrouli gatareba, magaliTad, iribi gadasaxadebis Semcireba da samTavrobo xarjebis gadideba
gansazRvruli TanafardobiT, SeiZleba gaxdes ekonomikis finansuri stimulirebis efeqtiani xerxi.


                                                                                           - 33 -
                 Tavi meore


  britaneTis                sagadasaxado                   sistemis ZiriTadi
            mimarTulebebi
$1 piradi Semosavlebis da kapitalis gadasaxadiT dabegvra




                                                                       - 34 -
             saSemosavlo gadasaxadi
       saSemosavlo gadasaxadiT dabegvris sistemam, romelic britaneTis sagadasaxado
politikis erT-erTi sakvanZo problemaa TiTqmis ori aTwleulis manZilze, konservatorTa
mmarTvelobis wlebSi arsebiTi cvlilebebi ganicada. am drois manZilze mniSvnelovani etapebi
gaxda progresulobis Semcireba 80-iani wlebis pirvel naxevarSi, ganakveTebis Semcireba da
gadasaxadiT damoukidebeli dabegvris SemoReba gasuli aTwleulis manZilze da sabazo
ganakveTis Semdgomi Semcireba da gadasvla TviTgaangariSebis sistemaze 90-iani wlebis
SuaxanebSi. gana-kveTebis Semcirebis konservatorTa mier gatarebuli politika finan-sdeboda
rogorc saSemosavlo gadasaxadis danarCeni elementebis cvli-lebis xarjze, ise sxva
gadasaxadebis gadidebiT, rac mTlianad saga-dasaxado sistemis reformirebis erT-erTi faqtori
gaxda. miuxedavad saSemosavlo gadasaxadidan SemosulobaTa Semcirebisa, misi mniSvne-
loba, rogorc saxelmwifo biujetis saSemosavlo nawilis formirebis umniSvnelovanesi wyarosi
SenarCunebul iqna-dReisaTvis, igi uzrunvel-yofs mTel sagadasaxado SemosulobaTa
daaxloebiT meoTxeds.
       saSemosavlo gadasaxadi did britaneTSi pirvelad SemoRebul iqna viliam petis mier
1799w. napoleonis winaaRmdeg omebis dasafi-nanseblad. gadasaxadma, romlis ganakveTi
10% iyo, mxolod sami weliwadi iarseba. gadasaxadis amoRebis sistemis arasrulyofilebam
gamoiwvia gadax-disagan masobrivi Tavis arideba, ris Sedegadac 6 mln. f.st. Semosu-lobaTa
pirobebSi xazinam ver miiRo kidev daaxloebiT 10 mln f.st.
       Tanamedrove saSemosavlo gadasaxadis pirvelsaxed SeiZleba CavT-valoT edingtonis
mier, Sedularuli sistemis da gadasaxadiT progre-suli dabegvris principis safuZvelze 1803 wels
dawesebuli gadasaxadi. 1816w. gauqmebuli es gadasaxadi isev SemoRebul iqna 1842 wels
droebiTi RonisZiebis saxiT, biujetis deficitis dafinansebisaTvis, magram im droidan
moyolebuli gaxda britaneTis sagadasaxado sistemis mudmivi elementi, TandaTanobiT sul ufro
meti mniSvnelobis SeZeniT.
       saSemosavlo gadasaxadiT dabegvris sistemis evolucia 80-iani wlebis bolomde
xasiaTdeboda proporciulobis gaZlierebiT da sagadasaxado ganakveTebis zrdiT. 1979w.
gamomuSavebuli Semosavlis gadasaxadis zeda ganakveTi 83% iyo. uZravi qonebidan da
dividendebis Semosavali 5500 f.st. zeviT damatebiTi gadasaxadiT dabegvras eqvem-
debareboda 15%-iani ganakveTiT, ris Sedegadac maqsimaluri ganakveTi gadasaxadis zogierTi
gadamxdelisaTvis 98% Seadgenda.
       xelisuflebaSi 1979 w. konservatorebis mosvliT britanuli saga-dasaxado politikis
prioritetebma arsebiTi cvlilebebi ganicada: pir-vel planze gamovida gadasaxadiT dabegvris
maregulirebeli sistema. saSemosavlo gadasaxadis mkveTrad gamoxatuli progresuloba Zirs



                                                                                       - 35 -
uTxrida Sromisadmi materialur stimulebs da xels uwyobda gada-saxadidan Tavis aridebis
masStabebis gadidebas. 98% ganakveTis dros damatebiTi 100 f.st. misi gadasaxadiT dabegvris
Semdeg gadasaxadis gadamxdels mxolod 2 f.st. Semosavals aZlevda. Tavis mxriv, saSinao
Semosavlebis sammarTvelo gadasaxadis gadamxdelis mier miRebul yovel 1 f.st-ze gadasaxadis
gamoqviTviT 49 f.st. Rebulobda.
       saSemosavlo gadasaxadis reformireba ZiriTadad mimarTuli iyo mosaxleobis SromiTi
aqtiurobis   stabilizebaze.   aTwleulebis    manZil-ze   gadasaxadis   ganakveTi   sainvesticio
Semosavalze Semcirebul iqna 1978/79 wlebis 98%-dan, 40%-mde 1988/89 wels, amasTan,
gansxvaveba zeda da qveda doneebs Soris Semcirda oTxjerze metad-66-dan 15 punq-tamde,
xolo ganakveTebis raodenoba eqvsidan oramde. aseTi mniSvn-elovani cvlilebebi tardeboda
etapobrivad. TavianTi mmarTvelobis pirvelsave wels konservatorebma Seamcires sabazo
ganakveTi 33-dan 30%-mde, xolo momatebuli-83%-dan 60%-mde. 1984 w. biujetSi
gauqmebul iqna damatebiTi gadasaxadi sainvesticio Semosavalze. 1986-dan 1988 wlamde
sabazo ganakveTi Semcirda 30-dan 25%-mde, xolo maqsimaluri 1988 wels dawesebul iqna
40%-is doneze. garda amisa, proporciulobis gaZlie-rebas xels uwyobda 1980 wels Semcirebuli
ganakveTis gauqmeba. teT-Ceris mTavrobis mier gatarebuli reformebis Sedegad, saSemosavlo
gadasaxadebidan miRebuli Semosavlebis xvedri wili saerTo biuje-tur SemosulobebSi 29-dan
23%-mde Semcirda.1
       80-iani wlebis Suaxanebamde ganviTarebuli qveynebis umetesobaSi didi britaneTis
CaTvliT moqmedebda gadasaxadiT meuRleTa erToblivi dabegvra. evropis komisiis mier 1984
w. momzadebul angariSSi ganxo-rcielda evrokavSiris qveynebis saSemosavlo gadasaxadiT
dabegvris sistemebis gamokvleva maTi neitralurobis TvalsazrisiT, warmoebis procesSi qalTa
monawileobis     TvalsazrisiT.    komisiis    daskvnis   Tanax-mad,    colis,   rogorc   ojaxSi
meorexarisxovnis mier gamomuSavebuli Semosavlis sakanonmdeblo ganmarteba gadasaxadiT
erToblivi (saerTo)    dabegvris sistemis pirobebSi imas iwvevs, rom coli, maRali zRvruli
sagadasaxado ganakveTis pirobebSi kargavs muSaobis stimuls. angariSSi rekomendebuli iyo
meuRleTa wyvilebis gadasaxadiT cal-calke dabe-gvris SemoReba. sapirispiro Tvalsazrisis
momxreebi icavdnen ojaxis mjobinebas gadasaxadiT dabegvris erTeulis saxiT saojaxo
moxmarebis saerTo bunebidan gamomdinare.
       did britaneTSi meuRleTa wyvilis saerTo Semosavlis qmrisadmi mikuTvneba
ganisazRvreboda colis iuridiuli statusiT da sakuTrebis Sesaxeb kanoniT, romelic arsebobda
saSemosavlo gadasaxadis SemoRebis dros. 1894 wels, gaTxovili qalis sakuTrebis Sesaxeb
kanonis (1882w.) gamoCenis 12 wlis Semdeg, miRebul iqna debuleba, romelic Tuki meuRleTa
wyvilis wliuri Semosavali ar aWarbebda 500



                                                                                         - 36 -
 f.st.-s, iseTive SeRavaTs (fasCamoklebas) sTavazobda colis gamo-muSavebul Semosavalze,
 rogorc gadasaxadis martoxela gadamxdelebs. 1918 wlidan arsebobda specialuri SeRavaTi
 daqorwinebuli mamakace-bisaTvis, romelic arsebiTad aWarbebda personalur SeRavaTs, rac
 aixsneboda umuSevari colis Senaxvis damatebiTi xarjebiT. garda amisa, qmars SeeZlo mieRo
 SeRavaTi meuRlis gamomuSavebul Semosavalze, romelsac personaluri SeRavaTis ufleba ar
 gaaCnda. damatebiTi SeRa-


---------------------------------
  1. Financial Statement and Budget Report, 1988-89.
 vaTi eZleoda bavSvebze. yvela SeRavaTis jamuri sidide, romlis miReba mamakacs SeeZlo, am
 dros arsebul saSualo xelfass aWarbebda.
          gadasaxadiT erToblivi dabegvris sistema farTo SesaZleblobebs iZleoda gadasaxadis
 gadaxdisagan legaluri Tavis aridebisaTvis. sa-moqalaqo qorwineba ori personaluri SeRavaTis,
 bavSvze ori dama-tebiTi SeRavaTis, sargeblis mixedviT ori SeRavaTis saSualebas iZl-eoda,
 romelic gadaixdeboda giravnobis sigelis mixedviT da a.S., rac mniSvnelovan upiratesobebs
 aZlevda aseT wyvils, oficialur qorwine-baSi myof meuRleebTan SedarebiT.
          80-ian wlebSi specialuri komisiebi da zogierTi akademiuri mec-nierebi rekomendacias
 aZlevdnen mTavrobas saSemosavlo gadasaxadiT dabegvris radikaluri reformis gatarebis
 Taobaze. am problemas mieZRvna `mwvane wignebi~ 1980 da 1986ww. gadasaxadiT calcalke
 dabegvra kanonmdeblurad SemoRebul iqna 1988 wels da ZalaSi Sevida 1990 wels. axali
 wesebiT gadasaxadis yvela gamaxdeli avsebs calke deklaracias Semosavlebis yvela saxeobaze
 da personaluri SeRavaTis (fasCamo-klebis) ufleba gaaCnia.
          dReisaTvis gadasaxadis amoReba reglamentirdeba 1988w. kanoniT saSemosavlo da
 korporaciuli gadasaxadebis Sesaxeb. britaneTis sagadasaxado kanonmdeblobis Taviseburebaa
 masSi termin `Semosavlis~ gansazRvris ararseboba. saSemosavlo gadasaxadiT dabegvris
 arsebuli forma erTmaneTs uxamebs Sedularuli sistemis principebs, romlis mixedviT miRebuli
 Semosavali sxvadasxva kategoriis mixedviT klasi-ficirdeba warmomavlobis wyarosagan (ix.
 cxrili 2.1.) da globaluri sistemisagan damokidebulebiT, romlis mixedviTac gadasaxadi
 amoiReba Semosavlis yvela saxeobis saerTo Tanxidan. gadasaxadiT dabegvris reJimebis
 unifikacia xuTi Sedulis farglebSi ganxorcielda 1973 wlis reformis msvlelobaSi.1
  -----------------------
  1. sagadasaxado wlis aratradiciuli dasawyisi saSemosavlo gadasaxadiT dabegvris
 miznebisaTvis-6 aprili dakavSirebulia didi britaneTis iulianuridan grigorianul kalendarze
 gadasvlis xangrZliv istoriasTan. 1750w. kanonis Tanaxmad 1752w. 2 seqtembers misdevda



                                                                                       - 37 -
  14 seqtemberi, xolo axali weli formalurad iwyeboda 1 ianvridan. am dromde wlis dasawyisi
  (maT Soris sagadasaxadosi) xarebaze modioda (25 marti). imisaTvis, rom SenarCunebuli
  yofiliyo 1752/1753 sagadasaxado wlis normaluri xangrZlivoba (naxtomi 11 dRis Semdeg mas
  354 dRemde amcirebda), Semdegi wlis dasawyisi gadatanil iqna 6 aprils.
            gadasaxadiT dabegvras eqvemdebareba xelfasi, pensiebi, umuSev-robis daxmarebebi,
  mewarmeobiTi saqmianobidan miRebuli mogeba, saku-Trebidan miRebuli Semosavali sabanko
  sargebeli., aqciebis dividendebi da samSeneblo sazogadoebaTa sargebeli. Semosavlis
  mikuTvnebas gan-sazRvruli kategoriisadmi didi mniSvneloba aqvs, vinaidan TiToeul Seduls da
  SemTxvevas sakuTari wesebi gaaCnia, romlebic Seexeba gada-saxadiT dabegvris bazebs,
  dasaSveb gamonaqviTebs, xolo TviTgaan-gariSebis SemoRebamde-aseve gadasaxadis
  gadaxdis vadas.
            fizikuri piris Semosavals, romelic miRebulia sagadasaxado wlis manZilze1 da
  gansazRvrulia Sedulebis da SemTxvevebis mixedviT,
  misi dadgenili mTliani Semosavali ewodeba. gadasaxadiT dasabegri Semosavali iangariSeba
  nebadarTuli      SeRavaTebisa        da       fasCamoklebis   gamoqviTvis   gziT   dadgenili   mTliani
  Semosavlidan.
            axla moqmedebs oTxi Sedula. A Sedulis mixedviT ibegreba miwis da sakuTrebis mTeli
  Semosavali. B Sedula, romlis mixedviT ibegreba
  tyis     masivebisagan miRebuli Semosavali, gauqmebulia 1988w. 6 aprili-dan. Semosavali
  britanuli da ucxouri saxelmwifo fasiani qaRal-debisagan, romelTac britanuli bankebi uxdian,
  adre ibegreboda C SeduliT, magram 1996w. 6 aprilidan Setanilia D SedulaSi, III da IV
  SemTxvevebSi.1


 --------------------------------------------
  1. Semosavlebis axali wyaroebis TvalsazrisiT es wesebi moqmedeben 1994w. 6 aprilidan,
         rentuli Semosavlis TvalsazrisiT 1998w. 6 aprilidan.




            cxrili 2.1. Semosavlis sxvadasxva saxeebis dayofa Sedulebisa da SemTxvevebis
  mixedviT
Sedulebi da SemTxvevebi               Semosavlis saxeoba
Sedula A                              rentuli Semosavali

Sedula D
SemTxveva I                           Semosavali savaWro an saqmiani operaciebidan



                                                                                                  - 38 -
SemTxvevaII                     Semosavali profesiul momsaxurebaTa SeTava-zebidan
SemTxvevaIII                    sargebeli da aniutetebi; 1996w. 6 aprilidan-Semosavali saxelmwifo
                                fasiani qaRaldebidan
SemTxvevaIV                     Semosavali ucxouri fasiani qaRaldebidan
SemTxveva V                     Semosavali sakuTrebidan ucxoeTSi
SemTxveva VI                    Semosavali, romelic Setanili ar aris sxva Sedulebsa da SemTxvevebSi
Sedula E
SemTxvevaI                      Semosavali rezidentebis da Cveulebrivi rezi-dentebis qiravnobiT
                                muSaobisagan, e.w. `ucxouri jamagirebis~ gamoklebiT, romlebic
                                mTlianad ucxoeTSia miRebuli (e.i. jamagirebi, romlebic miRebulia
                                im pirebis mier, romelTac domi-ciliebi ar gaaCniaT did britaneTSi,
                                romelTa damqiraveblebi ar arian britaneli reziden-tebi)E
SemTxvevaII                    Semosavali ararezidentebis an rezidentebis qi-ravnobiT muSaobisagan,
                                romlebic didi brita-neTis Cveulebrivi rezidentebi arian
SemTxvevaIII                   `ucxouri jamagirebi~, romelic mTlianad miRe-bulia ucxoeTSi didi
                                britaneTis rezidentebisa da Cveulebrivi rezidentebis mier.
                               Semosavali qiravnobiT muSaobisagan, romelic miRebulia ucxoeTSi,
                                romlebic ar warmoadgenen didi britaneTis Cveulebriv rezidentebs
Sedula F                       dividendebi da britanul kompaniaTa sxva misa-cemlebi

           D Sedulis mixedviT ibegreba britanel rezidentTa Semosavali, romelic iqmneba
   sakuTrebis nebismieri saxeobis gankargvisagan, miuxe-davad misi adgilmdebareobisa, da aseve
   savaWro da profesiuli saq-mianobisagan (magaliTad, eqimis an advokatis Semosavali), romelic
   did britaneTSi xorcieldeba. ararezidentebi gadasaxadiT ibegreba wliur Semosavalze (an
   namatze), romelic iqmneba savaWro an profesiuli saqmianobis ganxorcielebis Sedegad did
   britaneTSi, an aq sakuTrebis flobis Sedegad. garda amisa, D Sedulis mixedviT gadasaxadi
   amoiReba wliuri Semosavlebidan, romelic ar ibegreba sxva Sedulebis mixedviT, magaliTad,
   SemTxveviTi sakomisio anazRaurebebi, sapatento uflebaTa gayidvidan miRebuli Semosavlebi,
   honorarebi da a.S. 1995/96 wlamde D Sedulis pirveli xuTi SemTxvevis mixedviT
   gasaangariSebeli gadasa-xadiT dasabegri Semosavlis saxiT gamodioda wina wlis Semosavali.
   1996w. 6 aprilidan dabegvris safuZvlad miRebulia mimdinare wlis Semosavali.1
           Semosavlis gansazRvruli saxeobebi Tavisufldeba gadasaxadiT dabegvrisagan: pirveli 70
   f.st. erovnuli Semnaxveli bankis Cveulebrivi anabris sargebliT; specialuri saSemnaxvelo
   angariSis sargebeli, romelic gaTavisuflebulia gadasaxadisagan (TESSA); Semosavali, romelic
   miRebulia    kompaniis mosamsaxureebisadmi aqciis miyidvis programiT(PEP); erovnuli
   saSemnaxvelo sertifikatebis Rirebulebis gadideba; prizebi da mogebebi; zogierTi daxmareba


                                                                                              - 39 -
 socialuri uzrunvelyofis mixedviT; sadazRvevo misacemlebi avadmyofobisa da umuSevrobis
 mixedviT; saganmanaTleblo grantebi da stipendiebi; alimentebi da sx. msgavsi SeRavaTebi
 amcireben Semosulobebs saxelm-wifo biujetSi da ganixilebian rogorc sagadasaxado xarjebi (ix.
 cxr. 2.1.)
          E Sedulis mixedviT ibegreba qiravnobiT muSaobis Semosavali, romelic moicavs
 xelfass, premiebs, zogierT daxmarebas da britanul pensiebs. gadasaxadi am Sedulis mixedviT
 amoiReba PAYE sistemis meSveobiT. Semosavlis mikuTvneba E Sedulis sxvadasxva
 SemTxvevisadmi damokidebulia gadasaxadis gadamxdelis, damqiraveblis da samuSao adgilis
 adgilmdebareobaze.
--------------------------
1. Financial Statement and Budget Report, 1991-92: 1997-98
          cxr. 2.2. sagadasaxado xarjebi specialuri daxmarebebis mixedviT, romelic ar ibegreba
 saSemosavlo gadasaxadiT. 1996/1997ww.
                                                recifientebis            Sagadasaxado xarjebi
    Ddaxmarebebi                                raodenoba       (aTasi   (mln f.st)
                                                kaci)
    daxmareba bavSvis Sesanaxad                          7000                     700
    sadazRvevo daxmareba sawarmoo                        240                          70
    Sromisuunarobis mixedviT
    sarCenTa movlis daxmareba                            1130                     240
    Sromisuunarobis daxmareba                            1690                     275
    invalidobis       daxmareba,     ro-melic            195*                     130
    miRebulia         saomar       qmedebaTa
    msvlelobaSi
          * 1991w. monacemebi
          wyaroebi: Social Security Statistics, 1996; Tax Ready Reconer and Tax
 Reliefs, 1997
          britanul kompaniaTa dividendebi da sxva misacemlebi ibegreba F SeduliT. faqtobrivad
 am gadasaxads ixdian kompaniebi, xolo fizikuri pirebi sagadasaxado kredits Rebuloben,
 romelic Sesabamisi gamonaqviTis uflebas iZleva saSemosavlo gadasaxadis gamoqviTvisas.
          gansazRvruli gadasaxdelebi, romlebic gakeTebulia fizikuri pirebis mier sagadasaxado
 wlis manZilze, gamoiqviTeba gadasaxadiT dasabegri Semosavlis gaangariSebisas. analogiur
 gadasaxdelTa msgavs saxeobebs miekuTvneba: sargeblis gansazRvruli gadasaxdelebi sesxebis



                                                                                            - 40 -
mixedviT (garda sacxovrebeli binebis sesxebisa); profesiuli swavlebis anazRaureba. 1996/97
wels TviTgaangariSebis sistemis Semo-Rebis Semdeg gaangariSebaTa gamartivebis mizniT
gauqmebul iqna gamonaqviTebi meoTxe klasis Senatanebis Tanxis naxevris sididiT socialuri
dazRvevis fondSi, romelic kompensirdeboda Senatanebis ganakveTis SemcirebiT 7,3-dan 6%-
mde.
       zogierT sxva gadasaxdelTa TvalsazrisiT arsebobs gadasaxadiT dabegvris SeRavaTiani
reJimi. SeRavaTi (fasCamokleba) sargeblis gada-saxdelebidan 15%-is moculobiT (1998 wlis
aprilidan 10%) eZleva giravnobis sigelis pirvel 30000 f.st-s wyaros (MIRAS). ase, magal-
iTad, Tuki sargeblis Tanxa 1000 f. sterlingia, maSin realuri gada-saxdeli 850 f.st-ia, xolo
samSeneblo sazogadoeba Sesabamis kompen-sacias miiRebs xazinaSi. analogiuri wesi
vrceldeba alimentis gada-saxdelebze-15%-iani ganakveTiT da kerZo samedicino dazRvevaze
60 welze meti asakis pirebisaTvis-sabazo ganakveTiT.
       meijoris mTavrobis mier saSemosavlo gadasaxadiT dabegvris reformirebis mixedviT
miRebulma zomebma gadasaxadebis gadamxdelTa struqturis SesamCnevi Secvla gamoiwvia.
1992w. winasaarCevno gancxadeba saSemosavlo gadasaxadiT dabegvris donis Semcirebis
politikis gatarebis Sesaxeb gamagrebul iqna 20%-iani Semcirebuli ganakveTis SemoRebiT. es
RonisZieba sakmaod efeqtianad gamoiyureboda da biuje-tisagan nakleb xarjebs moiTxovda,
vidre sabazo ganakveTis Semcireba. 1995w. noembris biujetSi kenet klarkma ganacxada
sabaziso ganakveTis etapobriv Semcirebaze 20%-mde, im pirTa raodenobis Semcirebis poli-
tikis imavdrouli gatarebiT, romlebic gadasaxads sabazo ganakveTiT ixdidnen, Semcirebuli
ganakveTis sawyisis indeqsaciis kanoniT dawe-sebuli ganakveTs zeviT. ase, magaliTad,
1997/98 wlis biujetSi Semci-rebuli ganakveTis sawyisi Tanxa gazrdil iqna 200 f. sterlingiT,
4100 f.st-mde, rac 100 f. st-iT aWarbebs saWiro koreqtirebas, sacalo fas-ebis zrdis
Sesabamisad. sabazo ganakveTi 1996/97 wels Semcirebul iqna 24%-mde, xolo 1997/98 wels
21%-mde.


       ukanaskneli ramdenime wlis ganmavlobaSi garkveuli cvlilebebi moxda sainvesticio
Semosavlis gadasaxadiT dabegvraSi, romlisadmi 1973 wlidan gankveTebis igive Skala
gamoiyeneboda, rac gamomuSavebuli Semosavlis mimarT. 1993 wels dividendebze
gadasaxadis ganakveTi gadasaxadis sabazo ganakveTiT gadamxdelTaTvis dawesebul iqna
20%-is doneze. es cvlileba garkveulwilad gamowveuli iyo administraciuli problemebiT,
romlebic aRmocenda Semcirebuli ganakveTis SemoRebis Semdeg 1992 wels. ramdenadac
gadasaxadis   amoReba    wyarosgan    xorcield-eboda   saSemosavlo    gadasaxadis   sabazo
ganakveTiT,   Semcirebuli   ganak-veTiT    gadamxdelebs    ufleba   hqondaT   gansxvavebis



                                                                                     - 41 -
anazRaurebaze sabazo da Semcirebul ganakveTebs Soris. miuxedavad imisa, rom
sakompensacio Tanxebi maRali ar iyo, msgavsi reJimi administraciuli saxis sirTu-leebs
qmnida.
       cxr. 2.3. saSemosavlo gadasaxadis ganakveTebi, 1996/98ww.


                         1996/97                                      1997/98
       gadasaxadis         gadasaxadiT dasabegri gadasaxadis           gadasaxadiT
       ganakveTebi         Semosavali (f.st)       ganakveTebi         dasabegri
            %                                           (%)            Semosavali (f.st)
           20                      0-3900                20                 0-4100
           24                   3901-25500               23            4101-26100
           40                 25500-ze zeviT             40          26100-ze zeviT


       1996 wlidan gadasaxadiT dabegvris es reJimi gavrcelebulia danazogebidan miRebuli
Semosavlebis did nawilze, e.i. ara mxolod dividendebze, aramed aseve bankebis da samSeneblo
sazogadoebaTa sar-gebelze, saxelmwifo fasiani qaRaldebis sargebeli da samudamo ani-utetis
Semosavali ibegreba 20%-iani ganakveTiT, im pirobiT, rom gada-saxadiT dasabegri
Semosavali ar aWarbebs sabazo ganakveTis zRvars. es ganakveTi gamoiyeneba aseve
danazogebidan miRebul Semosavalze, rome-lic did britaneTSi Semotanilia ucxoeTidan. im
SemTxvevaSi, Tuki dasabegri Semosavali aWarbebs sabaziso ganakveTis sawyiss dones, amo-
iReba damatebiT 20% gadasaxadi.          sagadasaxado pasuxismgeblobis gaan-gariSebisas
sainvesticio Semosavali gaiTvaliswineba rogorc dasa-begri Semosavlis zeda nawili. axali
reJimis SemoReba niSnavda, rom 1993w. 20%-iani gadasaxadi amoiReboda aseve zogierTi
Semosavlidan, romelic aWarbebs Semcirebuli ganakveTis dones.
       miRebul RonisZiebaTa Sedegad sabazo ganakveTiT gadasaxadis gadamxdel pirTa
ricxvi mesamediT Semcirda, imis gaTvaliswinebiT, rom gadasaxadis gadamxdelTa saerTo
raodenoba ar Secvlila (saSemosavlo gadasaxads britaneTSi ixdis daaxloebiT 25 mln kaci). unda
aRiniSnos, rom msgavsi taqtika damatebiTi upiratesobebis Seqmnis saSualebas iZleva
SedarebiT dabali Semosavlebis mqone adamianebisaTvis. xazinis gaangariSebiT 1996/97 wels
zRvruli ganakveTi gadasaxadis gadamxdelTa TiTqmis meoTxedisaTvis ar aWarbebs 20%.
amasTan, winaswari monacemebiT, saSemosavlo gadasaxadis xvedri wili saerTo sabiujeto
Semosulo-bebSi 1997/98 wels 23,9% Seadgenda, rac ramdenadme mcirea, vidre 1990/91 wels-
25,6%. rogorc ukve vaxseneT, saSemosavlo gadasaxadisagan Semos-ulobaTa xvedri wilis
Semcireba kompensirdeba gadasaxadiT iribi dabegvris zrdiT.



                                                                                      - 42 -
       did   britaneTSi   piradi   Semosavlebis   gadasaxadiT     dabegvris   mniSv-nelovani
maxasiaTebelia SeRavaTebisa da fasCamoklebis sistema, romel-Ta Soris mTavaria personaluri
fasCamokleba,romelic gadasaxadis yvela gadamxdelze vrceldeba gamonaklisis gareSe. kanonis
mixedviT personaluri SeRavaTi (fasCamokleba) yovelwliurad unda indeqsir-debodes inflaciis
Sesabamisad, magram praqtikaSi es wesi yovelTvis rodi sruldeba. personaluri SeRavaTebis
gayinva realur gamoxatu-lebaSi niSnavs saSemosavlo gadasaxadiT dabegvris zrdas da aseve im
pirTa raodenobis gadidebas, romlebic gadasaxadiT dabegvras eqvemdeba-rebian. 65 welze
uxnesi adamianebisaTvis, romelTa Semosavali gansaz-Rvrul farglebSi imyofeba, Cveulebrivi
personaluris nacvlad vrcel-deba ufro maRali asakobrivi SeRavaTi. Semosavlis yoveli 2 f.st.
mix-edviT, romelic dawesebul dones aWarbebs, SeRaTi 1 f.st-iT mcirdeba, sanam Cveulebrivi
personaluri SeTavaTis toli ar gaxdeba.
       1990 wels SemoRebul iqna fasCamokleba (SeRavaTi) meuRleTa wyvi-lisaTvis, romelic
1790 f.st-s Seadgens 65 wlamde asakisaTvis (65 welze uxnesi adamianebisaTvis SeRavaTi ufro
maRalia), rac maSin Seesa-bameboda daqorwinebuli mamakacis da personaluri SeRavaTis
gans-xvavebas. 1994w. aprilamde igi personaluri SeRavaTis ubralo danamati iyo, romelic
amcirebda gadasaxadiT dasabegr Semosavals da upirat-esobas aZlevda momatebuli
ganakveTiT gadamxdelebs, ramdenadac maTT-vis Semcireba Seadgenda fasCamoklebas 40%-
mde. 1996/97wels SeRavaTi SezRudul iqna 15%-iT, ramac SesaZlebeli gaxada misi fuladi
Rireb-ulebis gaTanabreba yvela wyvilisaTvis. gansxvavebiT personaluri SeRavaTisagan,
romelic mTliani Semosavlidan gamonaqviTs warmoadgens, SeRavaTi meuRleTa wyvilisaTvis
gamoiqviTeba gadaxdisadmi daqvemde-barebuli gadasaxadis Tanxidan. SeRavaTi SeiZleba
miekuTvnos erT-erT meuRles an gaiyos Tanabrad, xolo uTanxmoebis SemTxvevaSi avtoma-
turad iyofa. miuxedavad imisa, rom 1992w. kanonis Tanaxmad SeRavaTi meuRleTa
wyvilebisaTvis ar indeqsirdeba, 1995 wlis noembris biujetSi gamocxadebuli iyo misi gadidebis
Sesaxeb 1830 f.st-mde. im SemTxvevaSi, Tuki Tundac erTi meuRle aris 65 welze meti asakis,
eZleva moma-tebuli SeRavaTi. personaluri asakobrivi SeRavaTis analogiurad, meuRleTa
wyvilze vrceldeba Semosavlis SezRudva.
       damatebiT personalur SeRavaTs Rebuloben martoxela mSoblebi, romelTac 16 wlamde
asakis bavSvebi gaaCniaT (zogierT SemTxvevaSi ufro meti asakisac). qvrivebs sagadasaxado
SeRavaTis ufleba gaaCniaT meuRlis sikvdilidan pirveli ori wlis manZilze. specialuri SeRavaTi
gaTvaliswinebulia usinaTloebisaTvis.
       cxr. 2.4. SeRavaTebis saxeebi saSemosavlo gadasaxadis mixedviT
                                                  1996/97, f.st        1997/98,
                                                                       f.st



                                                                                      - 43 -
 personaluri SeRavaTi, fasCamokleba                      3765            4045
 SeRavaTi meuRleTa wyvilisaTvis,* damatebiTi
 personaluri SeRavaTi, SeRavaTi qvrivebisaTvis           1790            1830
 personaluri SeRavaTi 65-74w. asakis pirebisaTvis
                                                         4910            5220
 SeRavaTi meuRleTa wyvilisaTvis (65-74 w. asakis
 pirTaTvis)*                                             3115            3185
 personaluri    SeRavaTi   75   welze    meti   asakis
 pirTaTvis                                               5090            5400
 SeRavaTi usinaTloebisaTvis                              1250         12 800
 Semosavlis SezRudva asakobrivi SeRavaTisaTvis
                                                         15200          15600
       *SeRavaTi SezRudulia 15%-iT
       1997/98 wels SeRavaTi meuRleTa wyvilisaTvis, damatebiTi SeRa-vaTi martoxela
mSoblebisaTvis, asakobrivi SeRavaTi 65 welze uxnesi adamianebisaTvis da SeRavaTebi
usinaTloebisaTvis gaizarda inflaciis Sesabamisad.
       1984w. biujetSi gamocxadebuli iyo gadasaxadiT SeRavaTiani dabeg-vris Sesaxeb
momuSaveTa damatebiTi misacemlebis TvalsazrisiT kompa-niaTa mogebidan (Profit-
Related Pay (PRP)). axali sagadasaxado SeRava-Tis mizani iyo Sromis bazris didi
moZraobadobis uzrunvelyofa Sromis anazRaurebis moqnilobis gadidebis xarjze da aseve
momuSaveTa gamomuSavebuli Semosavlis kompaniis saqmianobis finansur SedegebTan
dakavSirebiT.
       Tavdapirvelad SeRavaTi eZleoda misacemlebis Tanxis naxevarze, romelic SezRuduli
iyo xelfasis 20%-iT, magram ara umetes 3000 f.st-sa. 1989w. saSemosavlo gadasaxadiT
daubegravi misacemlebis sidide mogebidan gadidebul iqna 4000 f.st-mde. SeRavaTis
gavrcelebam misacem-lebis mTel Tanxaze 1991 wels stimuli misca moqmedi sqemebis swraf
zrdas. SeRavaTianma misacemlebma sabaziso ganakveTiT gada-saxadis gada-mxdelebs
saSualeba misca ekonomia gaewiaT 960 f.st-mde 1996/97w. da 920 f.st-mde 1997/98 wels,
xolo maqsimalur sargeblianobas Rebuloben momatebuli ganakveTiT gadamxdelebi-1600 f.st-
mde weliwadSi. biujetis sagadasaxado xarjebma, romelic 15 mln f.st-s Seadgenda 1989/90
wels, 40 mln. f.st-s 1991/92w, 1996/97 wlisaTvis 1500 mln f.st-s miaRwia. saSinao
Semosavlebis sammarTvelos SefasebiT am tendenciebis SenarCuneba 1997/98 wlisaTvis
biujeturi Semosavlebis dakar-gvis maniSnebeli iqne-boda saSemosavlo gadasaxadidan
Semosuli Tanxis 1%-mde.


                                                                                - 44 -
       mzard sagadasaxado xarjebis garda SeRavaTis moqmedebam ukana-sknel wlebSi kidev
rigi problema gamoiwvia. zogierTi damqiraveblis mier Sromis damatebiTi anazRaurebis
garantirebam, misacemlebis ganx-orcielebam kompaniis saqmianobis winaswari Sedegebis
mixedviT, uga-dasaxado Tanxebis gamoyenebam gadasaxadebidan Tavis aridebis mizniT,
maTiT Cveulebrivi xelfasis nawilis Secvlam SeRavaTiani saga-dasaxado sqemis arsis
diskreditacia gamoiwvia. 1996w. biujetSi kenet klarkma ganacxada mogebidan misacemlebis
SeRavaTis TandaTanobiTi gauqmebis Sesaxeb 1998-dan 2000 wlamde periodSi, maqsimaluri
daubeg-ravi Tanxis TandaTanobiTi Semcirebis gziT. xazinis gaangariSebiT, am RonisZiebebs
unda Seemcirebina sabiujeto xarjebi 100 mln f.st-iT, 1997/98 wels, 700 mln f.st-iT 1998/99w,
1,7 mlrd f.st-iT 1999/2000w, 3,1 mlrd f.st-iT 2000-2001 wels. gordon braunis naTqvamma
1997w. ivlisis biujetze SeRavaTis gauqmebis sawinaaRmdegod, im gagebiT, rom aranairi
cvlileba daubegravi Tanxis Semcirebis grafikSi ar momxdara, ganusazRvreloba Seitana
SeRavaTiani sqemis bediRbalSi.
       saSemosavlo gadasaxadis gaangariSebis magaliTi 1997/98 wels
                                       f.st.


       gamomuSavebuli Semosavali                  28345,00


       (+)sainvesticio Semosavali                2000,00
       (-)personaluri fasCamokleba               4045,00
       gadasaxadiT dasabegri Semosavali            26300,00
       gadasaxadis gaangariSeba
       gamomuSavebuli Semosavali        4100@20%           820,00
                         20200@23%                                                  4646,00
                     24300


       sainvesticio Semosavali      1800@20%           360,00
                         200@40%               80,00
                                      5906,00
       (-)SeRavaTi meuRleTa wyvilisaTvis 1830@15%             274,50
       gadaxdili gadasaxadis Tanxa               5631,50




                                                                                      - 45 -
       unda aRiniSnos, rom cvlilebebi, romlebic SemoRebul iqna piradi Semosavlebis
gadasaxadiT dabegvraSi konservatorTa ukanasknel biujetSi-sabazo ganakveTis Semcireba da
personaluri SeRavaTebis gadideba da a.S. gadaxurebuli koniunqturis pirobebSi ekonomikurad
dausabuTebeli iyo da ZiriTadad politikuri situaciiT ganisaz-Rvreboda. saSemosavlo
gadasaxadis sabazo ganakveTis Semcireba moqmedi mTavrobis yvelaze ufro popularuli
RonisZieba gaxda, sayovelTao arCevnebis win da klarks SesaZlebloba misca ganecxadebina
imis Sesax-eb, rom xelisuflebaSi konservatorebis 1997wels mosvlidan sabazo ganakveTi 10%-
iT Semcirda.
       saSemosavlo gadasaxadis ganakveTebi dReisaTvis ekonomikaSi politikuri ciklis aSkara
maxasiaTebeli gaxda. Aase, magaliTad, saSe-mosavlo gadasaxadis moqmedi 20%-iani
Semcirebuli ganakveTi SemoRebul iqna 1992w. sayovelTao arCevnebis win; Semdeg
arCevnebs konservatorebi Sexvdnen sabazo ganakveTis dausabuTebeli SemcirebiT 23%-mde,
10%-iani sawyisi gankveTis SemoRebis winadadeba Sevida leiboristebis wina-saarCevno
programaSi. amomrCevlebze fsiqologiuri zemoqmedebis moxdeniT saSemosavlo gadasaxadis
ganakveTebi metwilad politikuri spekulaciis sagani xdeba, vidre makroekonomikuri regulirebis
inst-rumenti.
       personaluri SeRavaTis gadideba 280 f.st-iT, romelic TiTq-mis samjer aWarbebs
inflaciis Sesabamisad dadgenil minimums, niS-navs, rom 1997/98 wels TiTqmis 410
aTasi kaci ar gadaixdis saSemo-savlo gada-saxads. momatebuli ganakveTiT
gadasaxadis gadamxdel-TaTvis damatebiTi upiratesobebi mcirdeba Semosavlis zrdis
kvalobaze. ase, magaliTad, 150000 f.st. wliuri Semosavlis mqone pirebisaTvis gadaxdili
gadasaxadebis Tanxa 0,3%-iT Semcirdeba, Tumca fuladi gamoxatulebiT es 436 f.st-s
Seadgens weliwadSi. cvlilebaTa Sedegad yvelaze met upiratesobas Rebuloben is pirebi,
romelTa     wliuri   Semosavali    daax-loebiT    30000    f.st-ia:   maTi   sagadasaxado
pasuxismgebloba 1997/98 wels Semcirda 400 f.st-ze metad anu 1,4%-iT.
       saSualod sagadasaxado pasuxismgebloba saSemosavlo gada-saxadis mixedviT
Semcirebuli ganakveTiT gadamxdelTaTvis 1997/98 wels Semcirda 56 f.st-iT, sabaziso
ganakveTiT-70 f.st-iT da gadi-debuli ganakveTiT 112 f.st-iT, daaxloebiT 1%-iT.
xazinis prog-nozebiT, miRebul yvela RonisZiebaTa Sedegad saxelmwifo biuj-etSi
SemosulobaTa Semcireba saSemosavlo gadasaxadidan 2,2 mlrd f.st. iqneboda
1997/98w. da 3,3 mlrd f.st. 1998/99w.1 miuxedavad mravalricxovani winasaarCevno
dapirebisa, leiboristebma TavianT pirvel biujetSi aranairi arsebiTi cvlileba ar Seitanes
saSemosavlo gadasaxadiT dabegvris sistemaSi.


                                                                                      - 46 -
       saSemosavlo gadasaxadis amoRebis reformis erT-erTi mniSvne-lovani xerxi gaxda
TviTgaangariSebis sistemis SemoReba, romelic kon-servatorebma ganaxorcieles TavianTi
mmarTvelobis bolo wels. msgavsi sistema dRes moqmedebs iseT qveynebSi, rogoricaa aSS,
avstralia, germania. did britaneTSi maRali administraciuli xarjebis problema saSemosavlo
gadasaxadis amoRebisas ganixileba ukve 30 wlis manZilze. xarjebis Semcirebis mizniT 60-iani
wlebis dasawyisSi SemuSavebul iqna operaciaTa kompiuterizaciis gegmebi PAYE-s sistemiT,
magram realurad maT ganxorcielebaze mxolod 80-iani wlebis bolos gadavidnen. am periodSi
danaxarjebi gadasaxadis akrefaze saSemosavlo gadasaxadis DSemosulobaTa TiTqmis 2%-s
Seadgenda, rac 2-jer meti iyo vidre kana-daSi da 4-jer meti, vidre aSS-Si, sadac kompiuterebi
farTod gamoi-yeneboda sagadasaxado organoebis mier. sakiTxi imis Sesaxeb, Tu ra faqtorebi
zemoqmedeben gadasaxadebis amoRebis Rirebulebaze, dRemde Riad rCeba, miuxedava amisa,
gavrcelebulia mosazreba, rom TviTgaan-gariSebis sistema administraciuli xarjebis Semcirebis
saSualebas iZleva, ramdenadac samuSaos didi nawili gadasaxadis gadamxdelis mier sruldeba.
Tavdapirvelad TviTgaangariSebis sistema imoqmedebs fizikur pirebTan mimarTebaSi, xolo
Semdgom gavrceldeba korporaciebzec, Tumca am SemTxvevaSi cvlilebebi ZiriTadad
formaluri xasiaTis iqneba.
       axali sqemis Semadgeneli nawilia gadasaxadis gaangariSebaze gadasvla mimdinare wlis
safuZvelze,     rogorc      damoukidebeli   saqmi-anobiT    dakavebuli    pirebisaTvis,      ise
kompaniebisTvisac.adre gadasaxadis gaangariSebis safuZvlad miiReboda wina wels miRebuli
Semosavali.2
gadasaxadis gadamxdelTa did nawilze TviTgaangariSeba realurad ar
aisaxeba. es imasTan aris dakavSirebuli, rom Semosavlis yvelaze ufro
         -------------------------------
   1. Financial Statement and Budget Report, 1997-98
2. Kay. J. Kung M. The Britist Tax System, p 222
gavrcelebuli wyaroa xelfasi da bankis sargebeli (erovnuli saSemna-xvelo bankis gamoklebiT)
da samSeneblo sazogadoebaTa specialur Semna-xvel dawesebulebaTa sargebeli, romlebisagan
gadasaxadi amoiRe-ba wyarosgan. xelfasTan mimarTebaSi moqmedebs PAYE-s principi
(Pay As You Earn- gadaixade miRebisas), romelic SemoRebuliqna 1944w, romlis
Tanaxmad gadasaxadi kavdeba xelfasidan avtomaturi gamoqviTvis meSveo-biT. 1997/98w.
aranairi cvlileba PAYE-is sistemaSi da gadasaxadis da-kavebaSi sabanko sargeblis wyarodan
TviTgaangariSebis SemoRebiT gaTvaliswinebuli ar yofila.
       axali wesebi pirvel rigSi Seexebian sakuTari biznesiT dakavebul pirebs, pensionerebs da
aseve imaT, vinc Semosavals Rebulobs sxvada-sxva wyaroebidan. am SemTxvevebSi


                                                                                          - 47 -
 gadasaxadi, romlis Tanxa 1996/97 wla-mde sagadasaxado inspeqtorebis mier iangariSeboda
 warmodgenili dek-laraciebis safuZvelze, gaiTvaliswineba uSualod saSinao Semosav-lebis
 sammarTveloSi.1 TviTgaangariSebis sistemis SemoReba niSnavs SesaZleblobas gadasaxadis
 gadamxdelebisaTvis, TviTon gaiangariSon gadasaxadis Tanxa. 1998w. 31 ianvramde Sevsebul
 da wardgenil unda iqnes sagadasaxado deklaracia 1996/97 wlisaTvis da gaangariSebuli da
 gadaxdili am wlis           yvela gadasaxadi.         fizikur pirTa TxovniT, maTi sagadasaxado
 pasuxismgebloba SeiZleba gansazRvrul iqnes saSinao Se-mosavlebis sammarTveloSi, magram
 am SemTxvevaSi deklaracia wardge-nili unda iyos 1997w. 30 seqtembramde.
          gadasaxadis gadaxda TviTgaangariSebis sistemiT xorcieldeba ori Sualeduri gadaxdis
 meSveobiT 31 ianvars da 31 ivliss, romelTa Soris TiToeuli mimdinare sagadasaxado wlis
 saSemosavlo gadasaxadis
---------------------------------------
 1. 1996/97 wlamde gadasaxadebi gadaixdeboda dadgenil dReebSi: 1 ianvars da 1 ivniss-
 gadasaxadi mewarmeobiTi saqmianobisagan Semosavalze, mim-dinare sagadasaxado wlis 1
 ianvars-rentuli Semosavlis gadasaxadi-1 dekembers, sagadasaxado wlis Semdeg-damatebiTi
 gada-saxadi gadasaxadis gadamxdelTa sainvesticio Semosavalze momatebuli ganakveTiT,
 kapi-talis namatis gadasaxadi da sxva.


 Tanxis     naxevaria      da    kapitalis   matebis     gadasaxadi   31   ianvrisaTvis.   deklaraciaTa
 dagvianebisaTvis avtomaturad ericxeba jarima, xolo
 gadavadebuli sargeblisaTvis sargebeli.1 1996/97 wlebis gadasaxadis gaangariSebas rigi
 Taviseburebebi gaaCnda dasabegri Semosavlis gaan-gariSebis axal meTodze gadasvlis
 Sedegad, rasTan dakavSirebiT tardeba saSinao Semosavlebis sammarTvelos mier.
          miuxedavad imisa, vis mier aris gaangariSebuli gadasaxadi-gada-saxadis gadamxdelis
 Tu sagadasaxado inspeqtoris mier-amoRebis es meTodi TviTgaangariSebad iTvleba. saSinao
 Semosavlebis sammarTvelos SeuZlia sagadasaxado deklaraciis Semowmeba misi miRebidan
 cxra Tvis ganmavlobaSi. gadauxdeli gadasaxadebis aRmoCenisas sammarTvelos Seu-Zlia
 gadaiangariSos amosaRebi gadasaxadebis Tanxa. Tavis mxriv, gadasaxadis gadamxdels ufleba
 aqvs Sesworebebi Seitanos deklara-ciaSi wlis ganmavlobaSi, xolo sammarTvelos mier
 gadasaxadis Tanxis gadaangariSebisas, apelireba da Suamdgomloba unda warmoadginos gada-
 saxdelTa gadavadebaze gadawyvetilebis gamotanamde.
          gaangariSebaTa Sesamsubuqeblad SemuSavebul iqna sagadasaxado deklaraciis axali
 forma, romlis gverdebis raodenoba ocidan 8-mde Semcirda, xolo Semosavlebis zogierTi
 saxeoba danarTSi iqna gadatan-ili. deklaraciebi SeiZleba Sevsebul iqnes qaRaldze da



                                                                                                 - 48 -
eleqtronuli saxiT. ukanasknel SemTxvevaSi saSinao Semosavlebis sammarTvelo Tava-zobs
saWiro programul uzrunvelyofas, deklaraciis eleqtronul variants da misi Sevsebis
saxelmZRvanelos.
         xolo 1996/97         sagadasaxado wels unda Sevsebuliyo daaxloebiT 9 mln deklaracia.
imasTan dakavSirebiT, rom SeiniSneba damoukidebeli saqmianobiT dakavebul pirTa gadidebis
tendencia, romlebic sak-ontraqto samuSaoebs asruleben da aseve Semosavlebs Rebuloben
sxva- dasxva wyaroebidan, SeiZleba vivaraudoT rom TviTgaangariSebis siste-masTan uSualod
dakavSirebul gadasaxadis gadamxdelTa raodenoba gaizrdeba.


--------------------------------------------
1. jarima 1000 f.st-ia deklaraciis 31 dekembris Semdeg wardgenisaTvis.

                   socialuri dazRvevis Senatanebi

         qveynebis      did    nawilSi     farTod   gavrcelebuli   miznobrivi   gada-saxadi,   romelic
gamonaklisia sagadasaxado SemosulobaTa individua-lizaciis akrZalvis wesebidan, aris
socialuri dazRvevis misacemlebi. konkretuli gadasaxadisagan SemosulobaTa daniSnuleba
gansazRvruli saxelmwifo organos dafinansebisaTvis misi avtonomiuri mdgomareobis garantias
iZleva saxelmwifo meqanizmSi. did britaneTSi saxelmwifo dazRveva SemoRebul iqna 1948
wels pensiebis, avadmyofobis da umuSev-robis daxmarebis, da bavSvebis daxmarebis
uzrunvelyofisaTvis. 1988 wlidan pasuxismgebloba socialur uzrunvelyofaze dakisrebulia cal-
keul saministroze. Senatanebis amoReba regulirdeba 1992 wlis kanoniT socialuri uzrunvelyofis
Senatanebisa da daxmarebaTa Sesaxeb.
         Tavdapirvelad Senatanebi gadaixdeboda erTiani ganakveTiT rog-orc daqiravebul
momuSaveTa, ise damqiraveblebis mier. ramdenadac Senatanebis TvalsazrisiT moqmedebda
gadasaxadiT dabegvris principi gadaxdisunarianobis safuZvelze, isini aSkarad gamoxatul
regresul xasiaTs atarebda. yvela ganviTarebuli qveynisTvis socialur uzrun-velyofaze xarjebis
gadidebis saerTo tendenciam Senatanebis Tanxis Sesabamisi zrda gamoiwvia. 1975 wlisaTvis
socialuri uzrunvelyofis fondSi Senatanebis mTeli sistema dakavSirebuli iyo daricxuli xelfasis
sidideze. miuxedavad amisa, Senatanebis regresuli xasiaTi nawilobriv SenarCunebul iqna
dRemde xelfasis dawesebuli zeda zRvaris zegavlenis gamo, risTvisac damatebiTi Senatanebi ar
Seitaneba, e.i. dabali Semosavlis mqone gadasaxadebis gadamxdelTa saerTo Semo-savlebSi
Senatanebis xvedri wili ufro metia, vidre maRali Semos-avlebis mqone gadasaxadebis
gadamxdelebisa.




                                                                                                - 49 -
          kanonmdeblobis Tanaxmad saxlemwifo dazRvevis fondis saxsrebi ar SeiZleba
 Seadgendes socialuri uzrunvelyofis xarjebis aranakleb meeqvseds. praqtikaSi es ZiriTadad
 miiRweva biujeturi subsidiebis xarjze. 80-iani wlebis Suaxanebis ekonomikuri aRmavlobis
 msvlelobaSi Senatanebis done gaizarda, ris Sedegadac 1990 wels subsidireba gauqmebuli iqna.
 magram Semdgomma daqveiTebam gamoiwvia Senatanebis Sem-cireba da daxmarebaTa
 gadideba. ase, rom 1993 wels subsidiebis ganaxleba aucilebeli gaxda.
          Senatanebi saxelmwifo dazRvevis fondSi amoiReba saSinao Semosavlebis
 sammarTvelos mier socialuri uzrunvelyofis sami-nistros saxeliT. saSemosavlo
 gadasaxadisagan gansxvavebiT, rom-elic iangariSeba wliuri Semosavlidan kumuliatiur
 safuZvelze, Senatanebi ian-gariSeba xelfasis Sesabamisad, dasabegr periodSi.
          1996/97 wels socialuri dazRvevis fondSi Senatanebis xar-jze akrefil iqna 46,7
 mlrd f.st., romelTagan daaxloebiT 95%, pirveli klasis Senatanebi iyo. am klasis
 Senatanebi gamoirCeva gadasaxadis gadamxdelTa ori kategoriiT: daqiravebuli
 momuSa-veebiT (pirveladi gadasaxadi xelfasze) da damqiraveblebiT (meo-radi
 gadasaxadi), muSebTan da mosamsaxureebTan mimarTebaSi gaTva-liswinebulia
 xelfasis ori sawyisi done: jamagirisagan, romelic ar aWarbebs e.w. xelfasis minimalur
 dones (61 f.st. kviraSi 1996/97 wels, 62 f.st.-1997/98 wels), ise rogorc xelfasis im
 nawilisagan, romelic `xelfasis maqsimalur doneze~ zeviT imyofeba (455 f.st. kviraSi
 1996/97 wels, 465 f.st.-1997/98 wels), Senatanebi ar gada-ixdeba. 1989w. reformis
 msvlelobaSi dawesebul iqna erTiani gana-kveTi xelfasze, romelic dawesebul sazRvrebs
 Soris imyofeboda. 1997/98 wels ganakveTi Seadgenda 2% jamagiris nawilze qveda
 saw-yis donemde da 10% da 8,4% danarCen nawilze, programaSi sax-elmwifo sapensio
 uzrunvelyofis monawileobasTan dakavSirebiT, rac dakavSirebulia xelfasTan (ix. cxr.
 2.5).1
          damqiraveblebi socialuri dazRvevis fondSi Senatanebs
-------------------------------------------
1. 1978w. SemoRebuli saxelmwifo sapensio programa, romlis Sesabamisad yovel momuSaves
SeuZlia damatebiT pensia miiRos erTiani ganakveTiT daricxulTan erTad. es damatebiTi
pensia gadaixdeba socaluri dazRvevis fondSi Senatanebis nawilis xarjze. pensiis Tanxa
gaiangariSeba formuliT, romlis safuZvelia jamagiris procenti.
gadaricxaven yovel daqiravebul momuSaveze. faqtobrivad dRei-saTvis dawesebulia
damqiravebelTa Senatanebis 5 ganakveTi (ix. cxr. 2.6). im SemTxvevaSi, Tuki



                                                                                      - 50 -
momuSave           monawileobs           saxelmwifo         sapensio    programaSi      `jamagirisagan
damokidebulebiT, yoveli ganakveTi moqmedebs xelfasis mTeli Tanxis TvalsazrisiT.
amis Sedegad yalibdeba situacia, rodesac jamagiris gadideba erTi pensiT iwvevs
Senatanebis Tanxis gadidebas ramdenine funtiT”.1 msgavsi reJimi abrkolebs xelfasis
gadidebas, ramdenadac iwvevs damqiravebelTa Senatanebis gacilebiT met zrdas. xelfasis
ganawilebis empiriuli monacemebi mowmoben mis Se-samCnev akumulirebaze sawyis, 62 f.st.
doneze, rac amcirebs Sromis bazris moqnilobas.
          cxr. 2.5. socialuri dazRvevis fondSi Senatanebis ganakveTebi I klasis mixedviT
 momuSaveTaTvis, saxelmwifo sapensio uzrunvelyofis programaSi monawileobisagan
 damokidebulebiT, rac dakavSirebulia xelfasTan, 1997/98 ww.
   kvireuli           Senatanebis             ganakveTebi         pr- Senatanebis             ganakveT-
   jamagiri            ogramaSi monawile pirebi-saTvis                 ebi programaSi                 ara-
        (f.st.)                                                        monawile pirebisaTvis
     61,99-mde                                     0                                      0
   62-464,99                          2% 62 f.st.-sagan                  2% 62 f.st.-dan+8,4%
                                                              62
                        +10% 62 f.st. zeviT miRebuli xelfasidan f.st. zeviT miRe-buli xelfasidan
  465-ze zeviT                            41,54 f.st.*                               35,09 f.st.**
     * 62@2%+403@10%=41,54(f.st)
          **62@+2%+403@8,4%=35,09(f.st)


          miuxedavad damqiravebelTa Senatanebis strsuqturis mkacri kri-tikisa da reformis
 aucileblobis Sesaxeb Camoyalibebuli mosazre-


-------------------------------------------
 1. magaliTad, Tuki momuSavis wliuri jamagiri izrdeba 154,99-dan 155 f.st-,de,
 damqiraveblis Senatanebi izrdeba 7,75 f.st-dan (154,99-is 5%) 10,85 f.st-mde(155 f.st-s 7%).
 bisa, imis analogiurad, romelic ganxorcielebul iqna momuSaveTa SenatanebTan mimarTebaSi,
 arc konservatorebi da arc leiboristebi ar ixilaven msxvilmasStabiani cvlilebebis gatarebis
 SesaZleblobas axlo momavalSi, ZiriTadad fiskaluri mosazrebiT.
          mewarmeobiTi saqmianobiT dakavebuli pirebi ixdian ori sxvadasxva klasis Senatanebs:
 meore da meoTxisas. meore klasis Senatanebi xor-cieldeba erTiani ganakveTiT, romelic
 1997/1998w. 6,15 f.st-s Seadgenda kviraSi, 1996/97 wels-6,05 f.st-s), Tuki wliuri Semosavali
 aWarbebs 3480 f.st-s (1996/97w.-3430 f.st.), meoTxe klasiT damatebiTi Senatanebi gadaixdeba
 6%-iani ganakveTiT wliuri Semosavlis mixedviT dawesebul farglebSi, romelic 1997/98w. iyo


                                                                                                     - 51 -
 7010 f.st-(1996/97w.-6880 f.st.-23660 f.st.). 1996 wlamde meoTxe klasis mixedviT
 Senatanebis       Tanxis       naxevari   gamoiqviTeboda     piradi   saSemosavlo    gadasaxadis
 gaangariSebisas. Senatanebis gadaricxvis ufro rbili reJimi, romelic moqmedebda sakuTari
 biznesiT dasaqmebul pirebTan mimarTebaSi, zRudavs maT uf-lebebs daxmarebaTa miRebaze,
 kerZod, umuSevrobis daxmarebaTa da saxelmwifo pensiebis miRebaze, romelic damokidebulia
 xelfasis sidideze.
            proporciuli ganakveTi 6%-is sididiT meoTxe klasis Senatanebis mixedviT pirveli klasis
 mixedviT momuSaveTa Senatanebis Taviseburi eqvivalentia, magram damqiravebelTa
 Senatanebis eqvivalenti mocemul SemTxvevaSi ar aris. amis Sedegad mewarmeTa Sromis
 Rirebuleba ufro dabalia, vidre igive samuSaoTi dakavebuli pirebisa, da imdensve Rebuloben
 magram qiravnobiT muSaoben.
            sakuTari saqmiT dakavebuli pirebis mier gadaxdili Senatanebis problemaTa gadaWris
 mizniT SemoTavazebulia farTomasStabiani ref-ormis gatareba meore da meoTxe klasis
 Senatanebis gauqmebis da maTi SecvliT, daqiravebul momuSaveebTan mimarTebaSi moqmedi
 analogiuri sistemiT. xazinis SefasebiT meore da meoTxe klasis Senatanebis ref-ormirebam
 SeiZleba gazardos Semosulobebi 2 mlrd f.st-mde.1 amasTan, gaiTvaliswineba uflebaTa
 momateba daxmarebaTa miRebaze, romlebic


-----------------------------------
 1. KPMG (http:/www.businessmonitor.co.uk.)
 unda mieceT gadaxdili Senatanebis gadidebis Sedegad. msgavsi gamosa-Tanabrebeli reformis
 gardauvali Sedegi iqneba im pirTa Semosavlebis Semcireba gadasaxadebis gadaxdis Semdeg,
 romlebic muSaoben araqirav-nobiT.
            cxr. 2.6. DSenatanebis ganakveTebi socialuri dazRvevis fondSi damqiraveblebisaTvis.
 momuSaveTa mier saxelmwifo sapensio uzrunvelyofis programaSi monawileobisagan
 damokidebulebiT, rac dakavSirebulia xelfasTan, 1997/98
   momuSavis           Senatanebis ganakveTebi pro-gramis Senatanebis          ganakveTebi     pr-
   kvireuli            mixedviT kontraq-tebis ararsebobisas    ogramis mixedviT kontraq-tebis
   jamagiri                                                    ararsebobisas
   (f.st)
                                           O
   61,99-mde                               0                                    0


   62,01-109,99          jamagiris Tanxis 3%                   62 f.st-is 3%



                                                                                             - 52 -
                                                        62 f.st-is 5%+62 f.st-ze meti
  110-154,99        jamagiris Tanxis 5%                 jamagiris nawilis 2%
                                                       62   f.st-is   7%+62         f.st-ze   meti
 155-209,99         Jamagiris Tanxis 7%                 jamagiris nawilis 4%
                                                       62 f.st-is 10%+ jamagiris danarCeni
 210-465            Jamagiris Tanxis 10%                nawilis 7%
                                                       34,41    f.st.+    465       f.st-ze   meti
 465-ze meti        Jamagiris Tanxis 10%                jamagiris 10%
         * 62@10%+403@7%=34,41(f.st.)


       mesame klasis Senatanebi nebayoflobiTia da Cveulebrivad ucxo-eTSi mcxovrebi
britaneli pirebis mier gadaixdeba, socialur daxma-rebaze uflebis SenarCunebis mizniT
qveyanaSi dabrunebisTanave. 1997/98 w. am klasis Senatanebi Seadgens 6,5 f.st. kviraSi (5,95
f.st. 1996/97). N
       ukanasknel periodSi sul ufro miuTiTeben gamomuSavebul Semos-avalze ori
gadasaxadis dausabuTeblobis arsebobaze. rigi problema warmoiSoba SeusabamobebiT
sagadasaxado bazebsa da Semosavlisa da xelfasis sidideebs Soris, romlebisadmi sxvadasxva
ganakveTebi gamo-iyeneba. kerZod, Senatanebis amoReba socialuri uzrunvelyofis fondSi
mxolod     gamomuSavebuli     Semosavlidan   iwvevs   sagadasaxado       sistemis     deformacias
sainvesticio Semosavlis sasargeblod, rac gadasaxadis gadamxdelebs ubiZgebs gadasaxadidan
Tavis aridebaze (mag; SedarebiT dabali xelfasis da maRali dividendebis gadaxdis gziT saojaxo
biznesSi) reformirebis erT-erTi xerxis saxiT ganixileba saSemosavlo gadasaxadis da
Senatanebis integracia erTian struqturaSi. am ideas mxars uWeren ara mxolod ekonomistebi,
aramed britanelTa umetesoba. sociologiuri       gamokiTxvis monacemebiT, respondentTa
naxevarze metma (57%) azri gamoTqva socialuri dazRvevis fondSi Senatanebis gauqmebaze,
amasTan, maTi 81% daeTanxma imas, rom es gauqmeba SeiZleba moxdes Senatanebis da
saSemosavlo gadasaxadis Serwymis gziT.1
   memkvidreobiT datovebuli qonebis gadasaxadiT dabegvra did bri-taneTSi xorcieldeba ukve
asi wlis manZilze, Tumca dReisaTvis formalurad moqmedi gadasaxadi SemoRebul iqna
memkvidreobaze 1984w. gadasaxadis Sesaxeb kanonis Sesabamisad da ZalaSi Sevida 1986w.
  1994w. Semosulma erTianma kanonma, romliTac ibegreboda adamianis qoneba misi sikvdilis
momentisaTvis, Secvala memkvidreobis mravali mosakrebeli, romelic arsebobda ramdenime




                                                                                              - 53 -
saukunis manZilze da erTob SeuTanxmeblad moqmedebda. Tavdapirvelad SemoRebul iqna
ganakveTebis
 progresuli Skala: qoneba 100-dan 500 f.st-mde ibegreboda 1%-iani ganak-veTiT, maSin
 rodesac       1      mln      f.st-ze         meti   Rirebulebis     qoneba       ibeg-reboda      8%-iani
 ganakveTiT.Ggadasaxadidan               Semosulobebi      warimarTeboda         samxedro-sazRvao     flotis
 modernizaciaze.
          memkvidreobis         gadasaxadi        erTob   arapopularuli   iyo,    gansakuT-rebiT    msxvil
 mesakuTreebs Soris. mis sawinaaRmdegod ayenebdnen arguments arasamarTlianobis Sesaxeb,
 romelic adasturebda, rom im pirebma, romlebic amjobineben fulis xarjvas, SeiZleba Tavidan
 aici-lon gadasaxadis gadaxda, romliTac ibegreba yairaTiani adamianis qo-
--------------------------------------------
 32. magaliTad, Tuki piri didi britaneTis rezidenti iyo transfertis wina 20 sagadasaxado
 wlidan 17 wlis manZilze.


 neba, romelmac aqtivebi daagrova Semdgom Taobebze gadasacemad. garda amisa,
 dausabuTeblad iTvleboda, rom momavalSi kanclerebi ver SeZleben ganakveTis amaRlebis
 cdunebis gadalaxvas da sagadasaxado bazis gafarToebas. kidev erTi negatiuri faqtoria
 gadasaxadis gada-xdisagan Tavis aridebis savsebiT legaluri realuri SesaZlebloba, rac
 miiRweoda qonebis ubralo gadacemiT moanderZis sicocxleSi, ramdenadac sicocxlis periodis
 Cuqebebi mTlianad ganTavisuflebuli iyo gadasaxadiT dabegvrisagan.
          gadasaxadis ZiriTad naklovanebaTa daZlevaze wavida TiTqmis erTi saukune.
 sakuTrebis gadacemis imavdrouli dabegvra rogorc sicocxlis periodSi Cuqebis saxiT, ise
 memkvidreobiT ganxorcielda 1975w. kapitalis gadacemaze gadasaxadis SemoRebiT, romelic,
 Tavis mxriv, 1984w. Seicvala memkvidreobis kanoniT.
          zogierT qveyanaSi gadasaxadis gadaxdisagan legaluri Tavis aridebis problema wydeba
 ramdenime kanonis erTdroulad moqmedebis xarjze, kerZod, aSS-Si gadasaxadebi amoiReba
 memkvidreobiT sakuTrebis gadacemaze, Cuqebaze, memkvidreobis gadacemaze TaobaTa
 meSveobiT. uka-naskneli mimarTulia qonebis gadacemis Tavidan acilebaze gadasaxadis
 gadaxdis Tavidan acilebis mizniT mesakuTridan SviliSvilebze, romel-ic xSirad xorcieldeba
 mzrunvelTa Ffondebis meSveobiT.
          memkvidreobis gadasaxadis koncefciis Tanaxmad, romelic evropis qveynebis
 umetesobaSia gavrcelebuli, memkvidreobiT gardamavali sak-uTrebisadmi gadasaxadis
 ganakveTi ganisazRvreba naTesaobis xarisxiT moanderZesa da memkvidres Soris. britanul
 kanonmdeblobaSi gamoiye-neba memkvidreobis gadasaxadis gafarToebuli ganmarteba,



                                                                                                     - 54 -
 romelic iTvaliswinebs gadasaxadiT mTeli qonebis dabegvras, romelic darCa adamianis
 gardacvalebis Semdeg da aseve sicocxlis periodSi Cuq-ebisas, miuxedavad raime
 damokidebulebisa gardacvlilsa da misi sikvdilis Semdeg misi qonebis uflebis mimRebs Soris.
 gadasaxadis Tanxis gaangariSebisas arsebiTi faqtoria garigebis ganxorcielebis dro qonebis
 mflobelis gardacvalebis TvalsazrisiT.
          gadasaxadis moqmedebis sfero damokidebulia piris domiciliaze. fizikuri pirebi,
 romelTac domicilia gaaCniaT did britaneTSi, an arsebiTad iTvlebian memkvidreobis
 gadasaxadiT dabegvris miznebisa-Tvis, gadasaxads ixdian mTel naCuqar an memkvidreobiT
 miRebul qonebaze, miuxedavad misi adgilmdebareobisa. danarCen SemTxvevebSi ibe-greba
 mxolod       did    britaneTSi       arsebuli   qoneba.   meuRleebi   damoukide-blad   dabegvras
 eqvemdebarebian.1
          memkvidreobis gadasaxadiT ibegreba gansazRvruli sicocxlisd-roindeli naCuqrobani,
 anderZis saxiT gardamavali qoneba da aseve sakuTrebis gadacema mimndob marTvaSi.
 gadasaxadis gaangariSeba xorcieldeba qonebis sabazro Rirebulebis safuZvelze gadacemis an
 misi mflobelis sikvdilis momentisaTvis. gadasaxadebi amoiReba daubegravi Tanxis meti
 Rirebulebis mqone aqtivebisagan, gardacvlilis valdebulebaTa gamoklebiT da, garkveul
 sicocxlis periodis naCu-qrobaTa gaTvaliswinebiT, romlebic gaakeTa moanderZem Tavis
 sikvdi-lamde garkveuli periodis manZilze. kanonmdeblurad dawesebuli daub-egravi Tanxa,
 romelsac aseve `nulovani ganakveTis (zRurbli) sawyisi~ ewodeba, yovelwliurad indeqsirdeba
 inflaciis Sesabamisad. 1997w. 6 aprilidan igi 215000 f.st. Seadgens (200000f.st. 1996/97).
 1998w. anderZiT datovebul qonebaze dawesebul iqna erTiani ganakveTi 40%-is odenobiT,
 romelic iqidan dawyebuli ar Secvlila. sicocxlis periodSi Cuqebis TvalsazrisiT, kumuliativur
 Tanxaze, romelsac aWarbebs daubegravi (zRurbli) sawyisi, moqmedebs 20%-iani ganakveTi.
          sicocxlis periodis naCuqrebani SeiZleba iyos daubegravi, poten-ciurad daubegravi da
 dabegvradi. ZiriTad daubegrav naCuqrobebs miek-uTvneba: transfertebi meuRleebs Soris,2
 yovelwliuri transfertebi, romlebic ar aWarbeben 3000 f.st-s (plus wina wlis gamouyenebeli
 wili) mcire saCuqrebi erT pirze, romelic ar aWarbebs 250 f.st-s erTi wlis manZilze, qorwinebis
 zogierTi saCuqrebi,3 saqvelmoqmedo fondebis da
-----------------------------------
 1. IHTA 1984 ss 6,48,158, 267
 2. im SemTxvevaSi, Tuki gadamcem meuRles domicilia gaaCnia did britaneTSi, xolo
 mimRebs ara, SeRavaTi izRudeba 55000 f.st-iT daubegravi sawyisis zeviT




                                                                                           - 55 -
3.    saqorwino       saCuqrebis       dabegvra     damokidebulia      maT     Rirebu-lebaze      da
axaldaqorwinebulTa da mosaCuqreTa naTesaobis xarisxze: maqsimaluri daubegravi Tanxa
5000 f.st. daiSveba axaldaqorwinebulTa mSoble-bisaTvis, minimaluri, 1000 f.st-ia.


politikuri partiebis saCuqrebi, da aseve saerToerovnuli mizniT gakeTebuli saCuqrebi. specialuri
SeRavaTebi keTdeba saojaxo sawar-moTa qonebis, sasoflo-sameurneo qonebis, tyis masivebis,
xelovnebis nawarmoebebisa da Senobebis TvalsazrisiT, romelTac istoriuli faseuloba gaaCniaT.
         transfertebis ZiriTad kategorias, romelic uSualod ibegreba mesakuTris sicocxlis
manZilze, miekuTvneba qonebis gadacema mimndob marTvaSi (mindobilobiT marTvaSi).
         potenciurad daubegravi saCuqrebi daubegravis TanrigSi gadadis, Tuki mesaCuqrem 7
welze meti icocxla qonebis gadacemidan. mCuqeblis sikvdilis SemTxvevaSi 7 wlis
damTavrebamde potenciurad daubegravi naCuqrobebi dabegvras eqvemdebareba, Tuki maTi
kumuliativuri Tanxa aWarbebs daubegrav (zRurbls) sawyiss. ase Tu ise, jamuri dabegvradi
naCuqrobani gaiTvaliswineba gadasaxadis gaangariSebisas moanderZis sikvdilis Semdeg
anderZiT datovebul qonebaze, daubegravi sididis SemcirebiT.
         sicocxlisdroindeli dasabegri aqtivebis TvalsazrisiT, romel-ic gakeTebul iqna 7 wlis
manZilze, qonebis mflobelis sikvdilamde, moqmedebs SeRavaTi mcocavi SkaliT. gadaxdis
Tanxa mcirdeba, Tuki
mCuqebelma qonebis gadacemidan 3 welze meti icocxla (ix.cxr. 2.7.)


         cxr. 2.7. sicocxlisdroindel naCuqrobaTa gadasaxadiT dabegvra
 wlebi      Cuqebisa       da sagadasaxado              namdvili        sag- sruli   ganak-veTi
 mCuqeblis sikvdi-ls Soris         ganakveTis           adasaxado       gan- dan ga-daxdili %
                                   Semcireba %          akveTi %
          0-3                            0                     40                     100
          3-4                            20                    32                     80
          4-5                            40                    24                     60
          5-6                            60                    16                     40
          6-7                            80                    5                      20


         sakuTrebis    sicocxlis    periodSi    gadacemis   TvalsazrisiT,   gada-saxadze,   romelic
dauyovnebliv gadaxdas eqvemdebareba, misi gadax-disaTvis pasuxismgebloba ekisreba
qonebis mflobels, Tumca erTob-livi molaparakebis dros igi SeiZleba gadatanil iqnes




                                                                                               - 56 -
mimRebze. gadasaxadi mimndob sakuTrebaze amoiReba mzrunvelisagan. mesakuTris sikvdilis
Semdeg memkvidreebi pasuxismgebeli arian maTze gadasuli qonebis gadasaxadis gadaxdaze.
       kapitalis realizebul namatze gadasaxadi did britaneTSi 1965w. gamoCnda. leiboristma
jeims kalaganma, xazinis yofilma kanclerma ganacxada:`samarTliani gadasaxadis~ SemoRebis
Sesaxeb, romelic mowo-debuli iqneboda `uzrunveleyo Tanabari da samarTliani TamaSis safuZ-
vlebi~. realizebuli aqtivebis gadasaxadiT dabegvram Seamcira Semosav-lebze gadasaxadidan
Tavis aridebis SesaZleblobebi, gadasaxadiT dasabegri bazidan am mizniT Seqmnili kapitalis
namatis gamoklebiT. magram axali gadasaxadi arasakmarisad iqna damuSavebuli, rasTan
dakavSirebiT Semdgom wlebSi misi reformirebis araerTi mcdeloba iqna ganxorcielebuli. 70-
ian wlebSi aqtivebis Rirebulebis sainflacio gadidebam gamoiwvia amoRebuli gadasaxadis
gadideba. 1982w. SemoRebul iqna saindeqsacio SeRavaTi (fasCamokleba), romelmac
uzrunvelyo kapi-talis mxolod realuri namatis dabegvra. amis Sedegad gadasaxadis wili
sabiujeto SemosulobebSi Semcirda da dReisaTvis gadasaxadiT pirdapiri dabegvris meSveobiT
formirebuli Semosavlebis 1,3%-s Sead-gens. gadasaxadis amoReba regulirdeba kapitalis
matebis gadasaxadiT dabegvris 1992w. kanoniT.
       kanonmdeblobis Tanaxmad, kapitalis matebis gadasaxadiT ibegreba dadebiTi
gansxvaveba inflaciaze indeqsirebul dabandebul Tanxasa da aqtivis realizebisas miRebul
Tanxas Soris. gadasaxadis gadaxdas eqv-emdebareba fizikur pirTa-didi britaneTis rezidentebis
kapitalis matebisagan miRebuli mTeli Semosavali, miuxedavad Semosavlis warmoSobis
adgilisagan, Tuki isini mudmivad cxovroben qveyanaSi, da aseve did britaneTSi Seqmnili
kapitalis matebis an qveyanaSi Semot-anili Semosavali, Tuki rezidentebi aq mudmivad ar
cxovroben. qveya-naSi savaWro an sxva komerciuli saqmianobis ganmxorcielebeli arare-
zidentebi kapitalis matebis gadasaxadiT ibegrebian, romelic aRmoc-endeba saqmiani aqtivebis
realicebisas did britaneTSi.
       gadasaxadis     mixedviT    pasuxismgebloba     warmoiSoba      dasabegri   gari-gebis
ganxorcielebisas, e.i. dasabegr aqtivebze uflebaTa axal mflo-belze gadasvlisas. aqtivis
mTlianad an nawilobriv gayidvis an Cuqebis paralelurad dasabegri garigebis cneba aseve
moicavs aqtivebis daka-rgvas an ganadgurebas. fasian qaRaldebTan erTad dasabegr aqtivebs
miekuTvneba miwa, uZravi qoneba (garda mTavari rezidenciisa), zogierTi moZravi qoneba,
antikvariati da xelovnebis sagnebi. kapitalis matebis gadasaxadiT ar ibegreba memkvidreobiT
aqtivebis gadacema, giravnobiT gadacema da aseve saqvelmoqmedo organizaciebisadmi
Sewirulobani. Aaqtivebis zogierTi saxeoba aseve Tavisufldeba gadasaxadiT dabegv-risagan.
       kapitalis matebis gadasaxadiT daubegravi aqtivebis ZiriTadi saxeobebia:
                       piradi avtomanqanebi



                                                                                      - 57 -
       
                       saxelmwifo saSemnaxvelo serTifikatebi, momgebiani obligaciebi,
anabrebi SAYE programiT.
                      pirad sargeblobaSi myofi ucxouri valuta
                      warmatebiT damsaxurebuli medlebi (niSnebi)
                      fuladi anazRaureba sayofacxovrebo an profesiuli travmisaTvis
                      sicocxlis   dazRvevis    polisebi,   romelic   Tavdapir-veli   mflobelis
gankargulebaSi imyofeba
                      xelovnebis nawarmoebebi an mecnieruli koleqciebi erovnuli interesebiT
gamoyenebisas
                      samTavrobo obligaciebi da fasiani qaRaldebi samTa-vrobo garantiiT
                      korporaciaTa sakvalifikacio obligaciebi
                      pensiebi da aniutetebi
                      prizebi da latareaSi mogebuli mogebebi
                      saqvelmoqmedo organizaciebze Sewirulobani
       gadasaxadi amoiReba yvela aqtivis gayidvis saerTo matebisagan saSemosavlo
gadasaxadis ganakveTebiT, maTi sabazro Rirebulebis Semcirebisagan zaralis gamoklebiT.
yvela fizikur pirs yovelwliuri indeqsirebuli SeRavaTis (fasdaklebis) ufleba aqvs, rac 1997/98w.
6500 f.st. iyo (1996/97w.-6300 f.st.). orjer naklebi SeRavaTi wesdeba mimndob marTvaSi
myof kapitalze-3250 f.st. 1997/98 (1996/97-3150 f.st.). gamou-yenebeli zarali gadaitaneba
momaval periodebze drois SeuzRudavad.
       specialuri saindeqsacio SeRavaTi, romelic 1982 wlidan moqme-debs, realizebuli
aqtivebis Rirebulebis sainflacio gadidebis Tav-idan acilebis saSualebas iZleva Tavdapirevli
Rirebulebis Tvalsaz-risiT. SeRavaTi iangariSeba sacalo fasebis indeqsis Sesabamisad, romelic
yovelwliurad qveyndeba, Semdegi formuliT: RD/RI-1 sadac RD Tviuri realizaciis indeqsia,
RI SeZenis Tvis indeqsi.
       yvelaze meti problema warmoiSoba 1982w. 31 martamde SeZenili aqtivebis
dabegvrisas. 1965w. 6 aprilamde SemoRebul gadasaxads ukuq-medebis Zala ar gaaCnda da
amitom mxolod am TariRis Semdeg miRebuli namatisa da zaralis mixedviT iangariSeboda.
1988 wlidan moqmedebs gadasaxadis gaangariSebis axali reJimi, romlis mixedviTac gaiTva-
liswineba mxolod 1982w. 30 martamde dadebuli garigebebi. gadasaxadis gadamxdelis
arCevanis mixedviT 1982w. 31 martamde SeZenili aqtivebis sabazo Rirebulebad SeiZleba
miRebul iqnes misi sabazro fasi am dRisaTvis, rac ramdenadme amartivebs gaangariSebebs.
winaaRmdeg SemT-xvevaSi gadasaxadis gaangariSeba imavdroulad emyareba rogorc 1988
wlamde moqmed wesebs, ise axals, romelic arsebiTad arT-ulebs gaan-gariSebebs. garkveul


                                                                                         - 58 -
siZneleebs iwvevs aseve indeqsirebuli fasis gaan-gariSeba SeRavaTiani aqciebis gamoSvebisas,
romelsac kompaniis aqcio-nerebs sabazroze dabal fasSi Tavazoben, dividendebis gadaxdisas
moklevadiani Tamasuqebis formiT, konsolidaciebis Catarebisas.
       gadaxdis gaangariSebisas kapitalis namati dawesebuli Tanxis gamoklebiT ayalibebs
gadasaxadis gadamxdelis dasabegri Semosavlis zeda nawils, magram aranairi SeRavaTebi
saSemosavlo gadasaxadis mixedviT masTan damokidebulebaSi ar arsebobs. Tuki gadasaxadis
gadamxdeli sainvesticio Semosavals Rebulobs da amasTan gadasaxadiT dasabegri misi
Semosavali sxva wyaroebidan, ar aWarbebs Semcirebuli ganakveTis sawyiss, maSin kapitalis
matebis nawili am gansxvavebis farglebSi ibegreba Semcirebuli ganakveTiT. am SemTxvevaSi
sabaziso ganakveTis sawyisi done mcirdeba matebis sididiT, rac gadatanilia Semcirebul
ganakveTze.
       meuRleebi gancalkevebul dabegvras eqvemdebarebian, amasTan. erTis mier miRebuli
zarali ar SeiZleba gamoqviTul iqnes meores kapitalis matebidan. amasTan, kapitalis gadacema
meuRleebs Soris gadasaxadiT ar ibegreba. es winaswari dagegmvis da erTmaneTisadmi
aqtivebis gadacemis meSveobiT piradi SeRavaTebis realizebis da meuRleTa wyvilis mier
gadaxdili gadasaxadebis Tanxis Semcirebis saSualebas iZleva.
       kapitalis realizebul namatze gadasaxadis valdebulebaTa Semcirebis erT-erTi xerxia
aqciaTa moklevadiani yidva-gayidva. magaliTad, finansuri wlis bolomde erTi dRiT adre nayidi
aqciebis mimdinare fasze ufro maRali fasiT gayidviT investori gadasaxadis gadaxdisas
gaTvaliswinebuli zaralis realizebis saSualebas Rebu-lobs. Semdeg dRes igi maT isev yidulobs
da sainvesticio portfels ucvlelad inarCunebs. am praqtikiT sargeblobs investorTa mcire ra-
odenoba, romelTac sakmaod msxvili aqtivebi gaaCniaT.
       gadasaxadis minimizebis meore variantia, aqciebis gayidva saxs-rebis Semdgomi
dabandebiT investiciaTa pirad gegmaSi aqciebSi. am wess gansazRvruli upiratesobebi gaaCnia:
jer-erTi, kapitalis mTeli namati am aqciebis mixedviT Tavisufldeba gadasaxadis gadaxdisagan;
meore, aqciaTa yidva-gayidvis aqciebi SeiZleba ganxorcieldes dauyovnebliv, rac investors
saSualebas aZlevs ar idardos fasis Seclaze.
       mTlianad, gadasaxadis gaangariSebis meTodebis sirTule misi gadaxdisagan Tavis
aridebis xvrelebis imavdrouli arsebobisas, SemosulobaTa umniSvnelo xvedri wilis fonze
iwvevs kapitalis mate-bis gadasaxadiT dabegvris reJimis mudmiv kritikas. 1996/1997 wels
fizikur pirebTan mimarTebaSi TviTgaangariSebis sistemis SemoRebam gaaZliera mTavrobaze
zewola gadasaxadis gauqmebis moTxovniT. Tavis




                                                                                      - 59 -
         kapitalis matebaze gadasaxadis gaangariSebis magaliTi 1997/98w.
                                                f.st.
 kapitalis mateba                                       17500
 (-)fasdakleba                                          6500
 (=)gadasaxadiT dasabegri namati                                11000
 sadividendo Semosavali sxva gadasaxadiT dasabegri
 Semosavali          wyaroebidan                 Semosavali
   I          5000             1000                      6000
   II         15000              1000                    16000
   III        26000              1000                    27000
   4100-1000=3100
   261000-3100=23000




   saSemosavlo                       kapitalis namatis
   gadasaxadi                          gadasaxadi
I. 1000@20%=                  200       3100@20%=                             620         5000@20%=    1000
7900@23%=                               1817
  ---------                  ------          --------                           -------
       6000       1200           11000


   II.24372. 1000@20%                  200    3100@20%                    620
       15000@20%          3000          7000@20%                      1610
                           900@40%                        360
   ------------           --------                        --------
       16000          3200       11000                         2590


   III.1000@20% 200                      3100@20%                       620
       22000@20% 4400                   7900@40%                      3160
       4000@20%          1600
   --------------------      -------                            -------
       2700     6200                                     3780




                                                                                                      - 60 -
ukanasknel sabiujeto sityvaSi 1996w. kenet klarkma daadastura kon-servatorebis varaudi
`Seamciron da Semdgom gaauqmon kapitalis matebis gadasaxadi, magram ganacxada
mTavrobis moumzadeblobaze uax-loes droSi reformaze gadasasvlelad. leiboristebma TavianT
mxriv, Tavi Seikaves raime dapirebaze kapitalis namatis gadasaxadis Tvalsaz-risiT.

       @$2. korporaciuli gadasaxadebis reformireba
         korporaciaTa mogebis gadasaxadi

       1965 wlamde kompaniebi saSemosavlo gadasaxadiT dabegvras eqvem-debarebodnen
fizikuri pirebis Tanabrad, gansxvavebuli iyo mxolod SeRavaTebis (fasdaklebis) sistema.
korporaciaTa mogebis damouki-debeli gadasaxadis gamoyofam did britaneTSi                  gamoiwvia
korporaciaTa gadasaxadiT dabegvris klasikuri sistemis gavrceleba, romlis sabazo principebi
gaxda gadasaxadis amoReba erTiani ganakveTiT kompaniaTa mTeli mogebidan, rogorc
gasanawileblis, ise gaunawileblis da axali F Sedulis SemoReba saSemosavlo gadasaxadis
struqturaSi, romliTac kompaniebi gadasaxadis Tanxas aklebdnen sabazo ganakveTis mixedviT
gasanawilebeli mogebidan da gadaricxavdnen mas saSinao Semosavlebis sammarTveloSi
mimRebTa saxeliT.
       piradi     da    korporaciuli     Semosavlebis    gadasaxadiT    gancalke-vebuli    dabegvris
SemoRebam kompaniaTa gasanawilebeli mogebis ormagi dabegvra gamoiwvia. korporaciaTa
mogebis gadasaxadis 1972w. gatare-buli reformireba, romelmac SesaZlebeli gaxada
korporaciuli gadasaxadis nawilis CaTvla aqcionerTa mier miRebuli dividendebidan
saSemosavlo gadasaxadis gadaxdis saxiT, niSnavda pirobiTi daricxvis sistemaze gadasvlas.
sxva, ufro naklebmniSvnelovani cvlilebebi korporaciuli dabegvris sistemaSi 70-iani wlebis
dasawyisSi      dakavSirebuli     iyo    kapitalis   dagrovebis   stimulirebasTan,   dabegvrisa   da
sagadasaxado SeRavaTebis ganakveTebis erTdrouli amoRebis meSve-obiT, romelic axal
kapdabandebebs         eZleoda.   1981     wlisaTvis    SeRava-Tebma     (fasda-kleba)    maqsimalur
mniSvnelobas miaRwia, Seadgenda ra 100% manqanebsa da mowyobilobebSi dabandebebze
da 79% investiciebze Senobebsa da nagebobebze, gadasaxadis ganakveTi amasTan 52% iyo.
gada-saxadiT dabegvris SeRavaTiani reJimis moqmedeba imas iwvevda, rom, nominaluri
ganakveTi aWarbebda efeqtians, ris Sedegadac kompaniaTa mniSvnelovan raodenobas ar
gaaCnda aranairi valdebuleba korpor-aciuli gadasaxadis mixedviT, ramdenadac SeRavaTebis
Tanxa aWarbebda gadasaxadiT dasabegr mogebas.
       konservatorebis 1979w. formirebulma mTavrobam, korporaciuli dabegvris TvalsazrisiT
wina mTavrobis msgavsi miznis gamodevnebiT-investiciebis stimulirebiT, sapirispiro
moqmedeba iwyo. xazinis kancleris, lord lousonis mier 1984-86 ww. ganxorcielebuli reforma,


                                                                                              - 61 -
romlis msvlelobaSi korporaciuli gadasaxadis standartuli ganak-veTis Semcirebas 52-dan 35%-
mde Tan axlda SeRavaTebis TandaTanobiT likvidacia kapitalur xarjebze, arsebul sagadasaxado
sistemaSi arse-bul yvelaze ufro aSkara damaxinjebaTa aRmofxvrisa da kompaniaTa dabegvris
maT komerciul SemosavlebTan mWidrod dakavSirebis mcdeloba gaxda. sakmaod mokle droSi
moxda mniSvnelovani Zvrebi ga-dawyvetilebaTa miRebaze zemoqmedi sistemidan, iseT
sistemaze gad-asvlisaTvis, romlis mizania neitraluroba. msgavsi reforma aSS-Si gatarda
1986w., ris Semdegac gadasaxadis ganakveTebis dacemis talRa moedo evropis qveynebis
umetesobas.
        industriulad ganviTarebuli qveynebis gadasaxadiT dabegvraSi mniSvnelovan cvlilebaTa
erT-erT mizezi gaxda mravalerovnul komp-aniaTa mzardi zegavlena, visi saqmianobac
geografiuli mobilurobiT xasiaTdeba. sxva Tanabar pirobebSi, mravalerovnuli kompaniebi
adgil-samyofelis saxiT irCeven xelsayreli sagadasaxado reJimis mqone iur-isdiqcias, magram
korporaciuli gadasaxadidan Tanabari saerTo Semosulobebis dros upiratesoba eniWeba im
qveyanas, sadac dabalia ganakveTi da ufro farTe sagadasaxado baza. es imiT aisxneba, rom,
jer-erTi,   sagadasaxado   Semosavlebis   mocemuli   donis dros,    SedarebiT   momgebiani
kompaniebis mier formirebuli xvedri wili naklebi iqneba dabali ganakveTisa da farTo bazis
pirobebSi, vidre maRali ganak-veTebisa da didi SeRavaTebis dros. meore, Semosavlebis
gadaadgileba dabali sagadasaxado ganakveTis iurisdiqciaSi, xolo dasabegri mogebidan
amosaRebi xarjebisa ufro maRali ganakveTis iurisdiqciaSi (magaliTad, Sigasafirmo operaciebis
mixedviT transfertuli fasebis meSveobiT) gadaxdili msoflio gadasaxadebis Tanxis Semcirebis
saSualebas iZleva.
        80-ian wlebSi ekonomistebi SeSfoTebas gamoTqvamdnen, rom konkurencia qveynebs
Soris investiciebis mozidvisTvis gamoiwvevs korporaciuli gadasaxadis fiskaluri rolis dacemas.
miuxedavad amisa, mTlianad 25 wlis manZilze korporaciuli gadasaxadebidan saxelmwifo
Semosavlebis xvedri wilis mkveTri Semcireba mSp-s procentis saxiT ar momxdara qveynebis
umetesobaSi, mniSvnelovanwilad sagadasaxado bazis gafarToebis gamo (ix. nax. 2.2.). 1970-
dan 1985 wlamde SemosulobaTa mniSvnelovani Semcireba, TiTqmis erTi mesamediT, mSp-s
3,5-dan 2,3 %-mde, SeiniSneba CrdiloeT amerikaSi, magram iqac ukanasnkel aTwleulSi misi
mniSvnelovani xvedri wili stabiluri rCeba. korporaciuli gadasa-xadidan Semosavlebis
dinamikaze aisaxeba ekonomikuri ciklis moZraoba, rac yvelaze ufro SesamCnevia didi
britaneTisa da iaponiis magaliTze. mTlianad, dReisaTvis ar arsebobs korporaciaTa gadasaxadis
rolis Semcirebis raime aSkara niSani ganviTarebuli qveynebis saxelmwifo biujetebis
formirebaSi.




                                                                                       - 62 -
       80-iani wlebis Suaxanebis reformis Semdeg britaneTs wamyvani poziciebi eWira
ganviTarebul qveynebs Soris, korporaciaTa mogebaze gadasaxadis yvelaze dabali doniT,
magram ukanasknel wlebSi mas gaaswro fineTma, SvedeTma da norvegiam, romlebmac
ganakveTebi 28%-mde Seamcires. amasTan, gadasaxadebis ganakveTebi gadasaxadiT
dabegvris donis absoluturi maCvenebeli rodia. ase, magaliTad, ufro maRali standartuli
ganakveTebis mqone qveynebSi SeiZleba moqmedebdnen sxvadasxva SeRavaTebi, romlebic
vrceldeba sagadasaxado bazis mniSvnelovan nawilze da amcireben sagadasaxado tvirTis
simZimes (mag; irlandiaSi sameurneo saqmianobis farTo wrisadmi gamoiyeneba 10%-iani
ganakveTi). piriqiT, ganakveTebis Semcirebas skandinaviis qveynebSi Tan axlda sagadasaxado
bazis reformireba imnairad, rom efeqtiani ganakveTebi ar Secvlila.
       did britaneTSi 80-iani wlebis bolodan 90-iani wlebis Suaxa-nebamde periodi
xasiaTdeba kompaniaTa gadasaxadiT dabegvris reJimis SedarebiTi stabilurobiT. yvelaze
mniSvnelovan cvlilebaTa saxiT SeiZleba gamovyoT korporaciuli gadasaxadis ganakveTis
Semcireba 1989/90 wlis 35%-dan, 33%-mde 1991/1992wels, 1991 wels wina wlis gadasaxadis
gadaxdisas gamouyenebeli zaralis CaTvlis vadis gadideba, saamrtizacio anaricxebis gadideba
1992w. noembridan 1993w. oqtomb-ramde, avansirebuli korporaciuli gadasaxadis ganakveTis
Semcireba 1992/93w. 25%-dan, 20%-mde 1994/95w. da ganakveTebis Semdgomi Semcireba-
standar-tulisa 31%-mde, SeRavaTianisa 21%-mde-1997w. ivlisSi.
       korporaciuli gadasaxadidan Semosulobebis dinamika mWidrod aris dakavSirebuli
kompaniaTa momgebianobis moZraobasTan, romelic, Tavis mxriv, mgrZnobiarea ekonomikuri
ciklisadmi. korporaciaTa moge-bis gadasaxadidan Semosavlebis Semcireba 1991-1992ww.,
romlebic 2-3 gra-fikze SeiniSneba, ekonomikuri daqveiTebiT aixsneba. faqtobrivad, mxo-lod
1993/1994w. SemosulobaTa done ufro dabali iyo, ZiriTadad, imavdroulad miRebul
sagadasaxado RonisZiebaTa Sedegad, saamor-tizacio anaricxebis gadidebis da avansirebuli
korporaciuli gada-saxadis ganakveTis Semcirebis mimarTulebiT. 1996/97 safinanso wels
korporaciis gadasaxadis xarjze biujetSi Sevida 27 mlrd f. st-ze meti, anu saerTo saxelmwifo
Semosavlebis TiTqmis 10%.
       did britaneTSi kompaniaTa gadasaxadiT dabegvris         moqmedi principebi Cadebulia
1998w. kanonSi saSemosavlo da korporaciuli gadasaxadebis Sesaxeb (Income and
Corporation Taxes Act (ICTA) 1988). kanonmdeblobis Tanaxmad korporaciuli gadasaxadiT
ibegreba wminda mogeba, romelsac kompania-rezidentebi Rebuloben rogorc qveynis
teritoriaze, ise mis sazRvrebs gareT, da aseve kompania-rezidentebis filialebis britanuli
wyaroebidan miRebuli mogeba. termini `mogeba~ moicavs Semosavlis yvela wyaros (garda
britanuli kompaniebis dividendebisa), da aseve kapitalis namats.



                                                                                     - 63 -
          kompaniaTa         gadasaxadiT       dasabegri        mogebis   gaangariSebisas    gamoiyeneba
 saSemosavlo gadasaxadis gaangariSebis ZiriTadi principebi. gamonaklisia rentuli gadasaxadi
 da aseve Semosavali, romelic miRe-bulia sargeblis saxiT saangariSo periodebis ganmavlobaSi,
 romelic damTavrda 1996w. 31 martis Semdeg. Semosavlis erTaderTi wyaro, rom-elic
 korporaciuli gadasaxadiT ar ibegreba, aris britanul kompa-niaTa dividendebi da sxva
 misacemlebi, Sesabamisi sagadasaxado kre-ditebiT, e.w. markirebuli (frankirebuli) sainvesticio
 Semosavali (franked investment income).
          kapitalis gadasaxadiT dasabegri namatis TvalsazrisiT moqmedebs gaangariSebis igive
 wesebi, rac fizikuri pirebisaTvis, magram kompa-niebisaTvis ar wesdeba daubegravi
 minimumi. kapitaluri zarali SeiZ-leba dafarul iqnes kapitalis namatis xarjze imave saangariSo
 peri-odSi gadasaxadis Tanxis Semcirebis mizniT, narCeni gadaitaneba moma-val periodSi.
 kapitalis namati ibegreba imave ganakveTiT, rogoriTac danarCeni mogeba.
          saoperacio zarali dadgenil farglebSi kompensirdeba, imave saangariSo periodSi sxva
 wyaroebidan miRebuli mogebidan. isini aseve SeiZleba CaTvlil iqnen ukanaskneli wlis
 gadasaxadis      gadaxdisas,         an   gadatanil    iqnen    momavali    mogebis   angariSSi,    drois
 ganusazRvrelad. gansazRvrul pirobebSi danakargebi SeiZleba ganawilebul iqnen jguf-Si
 Semaval kompaniebs Soris.
          gadasaxadisagan           gaTavisuflebis     reJimSi xvdebian     gansazRvruli    gadasaxdelebi,
 romlebic kompaniis mier aris gakeTebuli dasabegri periodis ganmavlobaSi, iseTi, rogoricaa
 roialti da regularuli gadasaxdelebi (zogjer erTjeradi Semowirulobebi) saqvelmoqmedo
 organizaciebze. adre am kategoriaSi Sedioda sargeblis gadasaxdelebi (garda sabanko
 sargeblisa), magram sakredito urTierTobaTa axali debulebiT, 1996w. 1 aprilidan dafaruli
 sargebeli, aRar akldeba gadasaxadis gaangariSebisas.
          Tanamedrove periodSi dawesebulia korporaciuli ganakveTis ori saxeoba: standartuli da
 SeRavaTiani, romelic moqmedebs wvril sa-warmoebTan mimarTebaSi. 1997w. ivlisis biujetSi
 leiboristma kancl-erma ganaxorciela koroporaciaTa mogebis ganakveTebis Semcireba, misTvis
 ukuqmedebis miniWebiT, amis Sedegad 1997w. 1 aprilidan standar-tuli ganakveTi 31%-ia,
 xolo SeRavaTiani-21%.1 aqamde, 1993 wlidan
---------------------------------
  1. Tuki kompaniis saangariSo periodi ar emTxveva sagadasaxado wels, mogeba nawildeba
 wlebis mixedviT proporciulad da ibegreba Sesaba-misi ganakveTebiT. 1854 wlidan
 sagadasaxado weli korporaciebiaTvis iwyeba 1 aprilidan.
 dawyebuli, SeRavaTiani ganakveTi wesdeboda imave doneze, ra donezec saSemosavlo
 gadasaxadis sabazo ganakveTi.



                                                                                                    - 64 -
          unda aRiniSnos, rom kompaniaTa mogeba, romelic SeRavaTiani gana-kveTiT ibegreba,
 gaiangariSeba gansakuTrebuli wesiT, romelic garda e.w. sabazo mogebisa (e.i. mogebisa,
 romelic korporaciuli gadasaxadiT ibegreba saerTo Rirebulebis Sesabamisad), moicavs
 frankirebul sain-vesticio Semosavals.1
          korporaciuli gadasaxadis gaangariSebisas gaiTvaliswineba gada-saxadiT dasabegri
 mogebis ori kanonmdeblurad dawesebuli sawyisi. Tuki mogeba ar aWarbebs 300000 f.st-s,
 maSin kompania miekuTvneba wvril sawarmoTa kategorias da dabegvras eqvemdebareba
 SeRavaTiani ganakv-eTiT (21%). efeqtiani sagadasaxado ganakveTi, romliTac ibegreba
 150000 f.st-ze meti mogeba standartuli ganakveTis (31%) tolia. im SemTx-vevaSi, Tuki
 mogeba imyofeba am sidideebs Soris, gadasaxadi mcirdeba zRvruli SeRavaTis (fasdaklebis)
 TanxiT, romelic iangariSeba Semdegi formuliT: (M-P) I/P F, sadac M-zeda maqsimumia, P-
 mogeba, gaangariSebuli markirebuli sain-vesticio SemosavliT.
          I-sabazo mogebaa, e.i. Semosavali da namati, romelic ibegreba kor-poraciuli
 gadasaxadiT.
          F-zRvruli SeRavaTis (fasdaklebis) koeficienti (1/40 1997/98).
          SeRavaTis moqmedeba niSnavs rom korporaciaTa mogebis gadasa-xadis ganakveTi
 TandaTanobiT izrdeba srul donemde, amasTan,zRvruli
ganakveTi zeda da qveda sawyiss Soris myof mogebaze aWarbebs stan-dartul ganakveTs
(35,25% markirebuli sainvesticio Semosavlebis ararsebobisas).
          sagadasaxado SeRavaTebi kapdabandebebze dakavSirebulia amorti-zaciaze firmis
 kapitaluri aqtivebis danaxarjebTan. manqanebisa da
--------------------------------
 1. gadasaxadiT dasabegri mogeba iangariSeba saangariSo perio-disaTvis. im SemTxvevaSi,
Tuki kompania adgens angariSs 12 Tveze meti periodisaTvis, igi iyofa erT an met dasabegr
periodebad, romelic 12 Tvisagan Sedgeba, plus drois darCenili ganakveTi.


 mowyobilobebis         TvalsazrisiT   nebadarTulia   daCqarebuli   amortiza-ciis   ganxorcieleba.
 SeRavaTebi maT SeZenaze 25%-ia da iangariSeba
          Semcirebadi naSTis meTodiT. SeRavaTi sawarmoo Senobebsa da nageb-obebze 4%-ia
 Tanabarzomieri wrfivi Camoweris mixedviT.
          1996w. noembris biujetSi cvlilebebi iqna Setanili xangrZ-livvadiani aqtivebis
 gadasaxadiT dabegvraSi, ris Sedegadac 1997/98 wels 25 welze meti xnis momsaxurebis
 ZiriTad warmoebriv fondebze saamortizacio anaricxebi Semcirda 25-dan 6%-mde. axali
 wesebis moqmedebis sferodan amoRebulia gemebi da sarkinigzo transporti da aseve is



                                                                                            - 65 -
 kompaniebi, romlebic 25 welze meti momsaxurebis aqtivebze xarjaven 100000f.st-ze naklebs.
 amis Sedegad cvlilebebi Seexeba pirvel rigSi komunalur sawarmoebs, ramdenadac maTi
 aqtivebis TiTqmis naxevris momsaxurebis vada 25 wels aWarbebs. amasTan, zegavlena komu-
 nalur samsaxurebze gansxvavebuli iqneba saqmianobis sferoze damoki-debulebiT. ase,
 magaliTad, eleqtrogadacemis xazebis cveTa xorciel-deba 40 wlis ganmavlobaSi, maSin rodesac
 wyalmomaragebis kompaniaTa aqtivebi emsaxurebian 60 weliwadi.
           specialistTa umetesobis mier xangrZlivvadiani aqtivebis mixe-dviT saamortizacio
 anaricxebis Semcireba ganixileba rogorc `gada-saxadi komunalur sawarmoTa gauTvaliswinebel
 mogebaze,       sxva      dasa-xelebiT~.   saSinao     Semosavlebis      sammarTvelos      SefasebiT,
 SemosulobaTa
 zrda miRebuli RonisZiebis Sedegad 1997/98. 45 mln. f. st. iqneboda, 1998/99w.-325 mln f.st.
 da 1999/2000w.-675 mln f.st.
           wvrili da saSualo biznesis stimulireba leiboristebis mier gamocxadebuli iyo
 ekonomikuri politikis erT-erT ZiriTad mimar-Tulebad. amis dasadastureblad 1997w. ivlisis
 biujetSi wvril da saSualo kompaniaTa mier manqanebisa da mowyobilobebis SeZenaze amor-
 tzaciis    norma1      gadidebul    iqna   50%-mde     eqsploataciis    pirvel   wels.   SeRavaTebi
 xangrZlivvadiani        aqtivebis   mixedviT   aseve    orjer    izrdeba-12%-Mmde.       SeRavaTebis
 moqmedeba droebiT xasiaTs atarebda da erTi
----------------------------------
  1. wvril da saSualos miekuTvneba kompaniebi, romlebic pasux-oben or Semdeg kriteriums:
 brunva 11,2 mln f.st-mde, aqtivebi 5,6 mln f.st-mde, momuSaveTa raodenoba-250 kacamde.
wliT iyo Semofargluli, sabiujeto dRidan dawyebuli. biujetSi SemosulobaTa Semcirebas
korporaciaTa mogebis ganakvTis Semcirebisa da saamortizacio anaricxebis normebis droebiT
gadidebis Sedegad leiboristebi anazRaurebdnen sapensio fondebisadmi sagadasaxado kreditis
gauqmebiT. es RonisZieba warmatebiT iqna misadagebuli saga-dasaxado reJimis SesustebasTan
korporaciebTan mimarTebaSi, magram misi ZiriTadi                 Sinaarsi dakavSirebulia ara imdenad
sagadasaxado dana-kargebis anazRaurebis amocanasTan, ramdenadac pirobiTi daricxvis
sistemis reformirebis aucileblobasTan.
           moqmedi kanonmdeblobis Tanaxmad, dividendebis gacemisas kompania gadaricxavs
 avansirebul gadasaxads mogebaze, neto-dividendis 25%-is toli ganakveTiT, e.i. naRdi fuliT
 gadaxdili dividendiT, an bruto-dividendis 20%, anu naRdi fuliT gadaxdili dividendebis da
 sagadasaxado kreditis Tanxas, avansirebuli gadasaxadis sididiT.
           korporaciaTa mogebaze avansirebuli gadasaxadi gadaixdeba kvartlis damTavrebidan 14
 dReSi, romelSic moxda mogebis ganawileba. saangariSo periodSi sagadasaxado valdebulebaTa



                                                                                                - 66 -
gaangariSebisas igi gamoakldeba gadasaxadis saerTo Tanxidan, romelic gadaxdas eqvem-
debareba. miRebul gansxvavebas ewodeba ZiriTadi korporaciuli gada-saxadi (mainstream
corporation tax (MCT)).
avansirebuli gadasaxadis Tanxa, romelic SeiZleba gamoqviTul iqnes kompaniis sagadasaxado
valdebulebebisagan yovel periodSi, Sez-Rudulia misi ganakveTiT: kompaniis dasabegri
mogebis 25%-1988-dan 1993 wlamde, 22,5%-1993/94 sagadasaxado wels, 20% 1994w. 1
aprilidan. 1993 wlamde CasaTvleli avansirebuli gadasaxadis limiti emTxveoda wvril
kompaniaTa gadasaxadis ganakveTs, rac maT saSualebas aZlevda valde-buleba ar hqonodaT
ZiriTadi gadasaxadis mixedviT im SemTxvevaSi, Tuki gadaxdili avansirebuli gadasaxadi
SezRudvas    eqvemdebareboda.     gaTvaliswinebuli   avansirebuli   gadasaxadis   ganakveTis
Semcireba niSna-vda, rom maqsimalurad dasaSvebi Tanxis CaTvlis drosac ki, kompanias
valdebulebebi gaaCnda ZiriTadi gadasaxadis mixedviT. 1994w. 1 apri- lidan avansirebuli
gadasaxadis ganakveTi da sagadasaxado kreditis ganakveTi saSemosavlo gadasaxadis
Semcirebuli ganakveTis (20%) tolia.
       Warbi avansirebuli gadasaxadi (Surplus ACT)- gadaxdili avansi-rebuli gadasaxadis
sididis gadaWarbeba dadgenil limitze-SeiZleba CaTvlil iqnes warsuli periodis gadasaxadis
gadaxdisas 6 wlamde vadiT, an gadatanil iqnes momaval periodSi drois SeuzRudavad. ukana
periodisadmi misadagebis dros SeiZleba kompensaciis miReba, Tuki Ziri-Tadi gadasaxadi ukve
gadaxdilia sruli moculobiT. gansazRvrul SemTxvevebSi avansirebuli gadasaxadi SeiZleba
gadacemul iqnes dedakompaniis mier Svilobili kompaniisadmi.
       gadasaxadebis pirobiTi daricxvis sistemis principi gulisxmobs, rom dividendebis saxiT
gadasaxadis gadamxdeli kompaniis mier gadax-dilma Tanxam SeiZleba uamravi sxva
kompania gaiaros da zegavlena ar moaxdinos maT sagadasaxado pasuxismgeblobaze.
frankirebuli sainves-ticio Semosavali ar Seitaneba gadasaxadiT dasabegr mogebaSi da Sei-
Zleba maTi mimRebi kompaniis mier dividendebis formiT gadacemul iqnes sakuTar
aqcionerebze yovelgvari sagadasaxado Sedegis gareSe.
       kompaniis mier gadaxdili dividendebis da sagadasaxado kreditis Tanxa misi frankirebuli
gadaxdebia. avansirebuli gadasaxadis sidide gaiangariSeba gadaxdil da miRebul dividendebs
Soris gansxvavebidan, Sesabamisi sagadasaxado kreditebiT. ase, magaliTad, Tuki erT saanga-
riSo periodSi kompaniam dividendebi miiRo 100000 f.st. da 25000 f.st. sagadasaxado krediti da
gadauxada dividendebi 160000 f.st. Tavis aqc-ionerebs 40000 f.st sagadasaxado kreditiT,
maSin frankirebuli sainves-ticio Semosavali iqneba 125000 f.st., frankirebuli misacemlebi-
200000 f.st., xolo avansirebuli gadasaxadi gansxvavebidan 75000 f.st.-15000 f.st. im
SemTxvevebSi, rodesac Semosavali frankirebuli investi-ciebidan aWarbebs frankirebul



                                                                                       - 67 -
misacemlebs, nameti gadaitaneba momaval saangariSo periodze da SeiZleba CaiTvalos
momavali sadividendo misacemlebis sawinaaRmdegod.
        kompaniis mier gadaxdili avansirebuli gadasaxadi pirobiTad ericxeba yovel aqcioners
saSemosavlo gadasaxadis sabazo ganakveTiT. magaliTad, Tuki aqcioneri naRdi saxiT
Rebulobs dividends 1 f.st-s, avansirebuli gadasaxadi 25 pensi gadaixdeba kompaniis mier. es
sa-gadasaxado dividendis 20%-ia da, ramdenadac              gadasaxadis ganakveTi da sadividendo
Semosavali 20% Seadgens sabazo da Semcirebuli ganakve-TebiT gadamxdelTaTvis, maT ukve
ar gaaCniaT sagadasaxado valde-bulebebi. momatebuli ganakveTiT gadamxdelebi damatebiT
ixdian saSemosavlo gadasaxadis 25 penss, ris Sedegadac maTi saerTo saga-dasaxado
gadasaxdeli 50 pensi anu mTliani dividendis 40% iqneba. gadasaxadis gadaxdisagan
gaTavisuflebuli aqcionerebi,1 anazRaureben sagadasaxado kredits saSinao Semosavlebis
sammarTveloSi da amrigad arsebiTi sagadasaxado upiratesoba gaaCniaT, faqtobrivad
gasanawi-lebeli mogebis yovel 1 f.st-ze 1,25 f.st-is miRebiT (ix. cxrili 2.8).
                cxr. 2.8 sxvadasxva kategoriis aqcionerTa mier miRebuli dividendebi
                             sabazo       da      Sem- gadasaxadis      gadasaxadis            gada-
                             cirebuli ganak-veTiT gadamxdele-bi         xdisagan gaTavisu-flebuli
                             gadasaxa-dis                               iuridi-uli    da   fizikuri
                             gadamxdele-bi                              pirebi
naRdi       dividendebis
Tanxa                                         125,00           125,00                 125,00
sagadasaxado       krediti
saSemosavlo                                   31,25             31,25                  31,25
gadasaxadi
                                              31,25             62,50                  0,00
sadividendo
Semosavali                                    125,00            93,75                 156,25
gadasaxadebis
gadaxdis Semdeg


 ------------------------------------------
1. sapensio fondebi da sadazRvevo kompaniebi, romlebic marTaven sapensio aqtivebs da
aseve saqvelmoqmedo organizaciebi (fondebi) da fizikuri pirebi, romlebic investirebas
axorcieleben kompaniaTa mosamsaxureebze aqciaTa miyidvis programiT (PEPs).




                                                                                               - 68 -
       mocemuli sistema stimuls aZlevs aqciebis ganTavsebas sapensio fondebSi, romelic
gaTavisuflebulia gadasaxadis gadaxdisagan an specialur programebSi, romelTac dabegvris
SeRavaTiani reJimi gaaC-niaT. gadasaxadis gadaxdisagan gaTavisuflebuli aqcionerebisaTvis
sagada-saxado kreditis Tanxis anazRaureba xazinas wlidan wlamde sul ufro Zviri ujdeba
gadasaxadiT daubegravi sakuTrebis xvedri wilis zrdisa da gadaxdili dividendis normis
gadidebis gamo.
       sagadasaxado upiratesobaTa gamoyenebis xarisxi, romelsac uzrun-velyofs gadasaxadiT
dabegvris arsebuli sistema, miT ufro maRalia, rac ufro maRalia aqcionerebze ganawilebuli
mogebis xvedri wili, romelic gaTavisuflebulia gadasaxadis gadaxdisagan. im SemTxvevaSi,
Tuki kompania aqcionerTa mxolod am kategoriisadmi dividendebis gadaxdis xerxs poulobs,
maSin biujetis Semosulobebi minimumamde Semcirdeba. gadasaxadebis `gadenis~ Sedegad,
romelic aqcionerebze gadasaxadiT daubegravi sakompensacio misacemlebis gadidebas da
gadidebuli ganakveTiT gadamxdelTagan SemosulobaTa Semcirebis Sedegad xorcieldeba,
mcirdeba avansirebuli gadasaxadis fiskaluri mniSvneloba.
       ramdenime wlis winaT farTod ixileboda specialuri divid-endebis problema, romelsac
zogierTi kompaniebi ixdidnen, rogorc gadasaxadis gadaxdisagan Tavis legaluri aridebis
SesaZlo gza. magram imisi naTeli dasturi, rom gadasaxadis gadamxdelTa romelime kategorias
prioriteti gaaCnia am dividendebis ganawilebaSi, ar aRmoCnda. mTlianad, specialuri
dividendebis sagadasaxado reJimi ar gansxvavdeba Cveulebrivi dividendebisagan, xolo termini
`specialuri~ ubralod gadaxdis erTjeradobaze miuTiTebs.
       sxva situacia yalibdeba im SemTxvevaSi, Tuki kompania mogebas anawilebs sakuTari
aqciebis gamosyidvis gziT, maTi sabazro fasis SenarCunebisaTvis. es operacia, dividendebis
gadaxdisagan gansxvavebiT, ar ibegreba avansirebuli gadasaxadiT. aqcionerebi, TavianT
mxriv, kapitalis matebis gadasaxadiT dabegvras eqvemdebarebian da ara saSemosavlo
gadasaxadiT dabegvras. aqciaTa gamosyidvas birJisgareSe bazarze, saxeldobr, investorTa
individualuri jgufebisagan SeiZ-leba SerCeviTi xasiaTi gaaCndes, e.i. tardebodes upiratesad
gadasa-xadis   gadaxdisagan   gaTavisuflebul   aqcionerebTan mimarTebaSi,     rac   gadenis
SesaZleblobas Seqmnis. saSinao Semosavlebis sammarTvelos ufleba aqvs sanqciebi miiRos
gadasaxadebis gadaxdisagan Tavis aridebaze, Tuki dadasturebuli iqneba sagadasaxado sistemis
borotad gamoyeneba.
       miuxedavad imisa, rom msgavs operaciaTa didi nawili warsul wlebSi mowonebul iqna,
saSinao Semosavlebis politika kompaniaTa mier sakuTari aqciebis gamosyidvasTan
mimarTebaSi TandaTanobiT mkacrdeba.




                                                                                     - 69 -
       pirobiTi daricxvis sistemis reformireba xorcieldoboda kons-ervatuli mTavrobis mier,
erTi mxriv, gadasaxadis gadaxdisagan Tavis aridebis xvrelebis amovsebiT, kerZod, cvlilebebis
SetaniT mogebis ganawilebis da korporaciebis mier sakuTari aqciebis Sesyidvis wes-ebSi,
meore mxriv, SemosulobaTa saWiro donis SenarCunebiT, avansi-rebuli gadasaxadis
ganakveTis Semcirebis xarjze.
       konservatorTa mmarTvelobis wlebSi avansirebuli gadasaxadis ganakveTi Semcirebul
iqna 33-dan 20%-mde. 1979-dan 1988 wlamde avansire-buli gadasaxadis ganakveTis Secvla
dakavSirebuli iyo saSemosavlo gadasaxadis sabazo ganakveTTan. reformirebis axali
SesaZleblobebi gamovlinda saSemosavlo gadasaxadis Semcirebuli ganakveTis SemoRebis
Semdeg. precedenti Seiqmna norman lamontis mier 1993w. martis biuj-etSi, romelmac
avansirebuli gadasaxadis ganakveTi Seamcira 20%-mde. am RonisZiebas aqcionerebze
araxelsayreli zemoqmedebis Serbilebis mizniT sadividendo Semosavlis gadasaxadis ganakveTi
dawesebul iqna 20%-is sididiT, sabazro ganakveTiT gadamxdelTaTvis. oficialuri SefasebebiT,
damatebiTma Semosulobebma biujetSi 1 mlrd f.st. Seadgina.
       SemosulobaTa gadideba sagadasaxado ganakveTis imavdrouli DSemcirebis pirobebSi
avansirebuli gadasaxadis damaxasiaTebeli niSania. es imasTan aris dakavSirebuli, rom
avansirebuli gadasaxadis ufro dabali ganakveTi amcirebs sakompensacio misacemlebis sidides
sagadasaxado kreditis mixedviT aqcionerebze, romelTac valde-bulebebi ar gaaCniaT
saSemosavlo gadasaxadis mixedviT. imavdroulad, ganakveTis Secvla zegavlenas axdens
mxolod gadasaxadis gadaxdis vadaze, da ara kompaniis saerTo sagadasaxado valdebulebebze,
ram-denadac avansirebuli gadasaxadis Tanxis Semcirebisas, korporaciaTa mogebis ZiriTadi
gadasaxadis sidide izrdeba. garda amisa, avansir-ebuli gadasaxadis ganakveTsa da saSemosavlo
gadasaxadis zeda gana-kveTs Soris gasxvavebis gadidebis Sedegad izrdeba damatebiTi gada-
saxadi, romelsac gadasaxadis gadamxdelebi ixdian sadividendo Semo-savlis mixedviT,
gadidebuli ganakveTiT.
       amrigad, avansirebuli gadasaxadis ganakveTis Semcirebis Sedegad mTavrobam
damatebiTi Semosulobebi miiRo gadasaxadis gadaxdisagan gaTavisuflebuli da momatebuli
ganakveTiT gamaxdel aqcionerTa xar-jze. magram am cvlilebebma negatiuri zegavlena
moaxdines safondo bazarze: sadividendo Semosavlis Semcirebam gadasaxadis gadaxdis
Semdeg sabazro kapitalizaciis Semcireba gamoiwvia. garda amisa, di-videndebis naklebi sidide
sapensio fondebisadmi gadaxdili gadasa-xadis gadaxdis Semdeg SeiZleba uaryofiTad aisaxos
rogorc sapensio Senatanebis sidideze, ise sapensio uzrunvelyofis doneze.
       pirobiTi daricxvis sistemis reformirebis gzaze leiboristuli mTavrobis pirveli nabiji
gaxda sapensio fondebze gadaxdili sagada-saxado kreditebis gauqmeba 1997w. 2 ivlisidan.



                                                                                      - 70 -
gadasaxadis    gadaxdisagan   gaTavisuflebuli   danarCeni   aqcionerebis   TvalsazrisiT   am
RonisZiebam moqmedeba daiwyo 1999w. 6 aprilidan. amave droidan orjer Semcirda (10%-
mde) sagadasaxado kreditebis ganakveTi. paralelurad Semcirda sadividendo Semosavlis
gadasaxadis ganakveTi-10%-mde Semcirebuli da sabazro ganakveTebiT gadasaxadis
gadamxdelebisa da 32,5%-mde moma-tebuli ganakveTebiT gadamxdelebisaTvis (10%-iani
ganakveTi saga-dasaxado kreditis mixedviT Seamcirebs mTlian sadividendo Semosa-vals,
ase,rom es damatebiTi gadasaxadi 22,5% ganakveTiT, dReisaTvis moqmedi 90%-iani
ganakveTis Sesabamisi iqneba). sakompensacio RonisZiebis saxiT SemuSavda individualuri
saSemnaxvelo angariSebi, romlebmac moqmedeba daiwyo 1999w. aprilidan.
       korporaciaTa mogebis gadasaxadis amoReba 1993wlis 30 seqtemb-ridan xorcieldeba
Pay and File-s (gadaixade da Seavse) meSveobiT, romelTan Sesabamisad kompaniebma
gadasaxadi unda gadaixadon 9 Tvis Semdeg da deklaracia warmoadginon 12 Tvis Semdeg,
saangariSo period-is damTavrebidan. dadgenil vadaSi gadasaxadebis gadauxdelobisaTvis
ericxeba procentebi, deklaraciis wardgenis dagvianebisaTvis amoiReba jarimebi.
       1998w. 31 martidan kompaniebi gadavidnen TviTgaangariSebis sis-temaze. miuxedava
imisa, rom Pay and File-s sistemis mixedviT kompan-iebi damoukideblad angariSoben
TavianT gadasaxads, saSinao Semo-savlebis sammarTvelo formalurad agrZelebs sagadasaxado
Setyo-binebis dagzavnas da aseve angariSobs gadasaxadis Tanxas, kompaniis mier
warmodgenil cifrebTan SeuTanxmeblobis SemTxvevaSi. saSinao Semosavlebis sammarTvelo
uflebamosilia gaasworos arsebuli Secdo-mebi kompaniaTa sagadasaxado deklaraciebSi 9 Tvis
manZilze, xolo kompaniebs SeeZlebaT SesworebaTa Sesaxeb Setyobineba 12 Tvis manZilze
Sevsebis dRidan. 12 Tvis manZilze saSinao Semosavlebis sammarTvelos ufleba aqvs SearCios
kompaniebi auditis Casatareblad.



              navTobmompovebeli kompaniebis gadasaxadiT dabegvra


       gadasaxadiT dabegvris gansakuTrebuli reJimi, romelic gamowve-ulia naxSirwyalbadis
saTbobis wiaRiseulis eqsploataciisagan miRe-buli maRali SemosavlebiT didi britaneTis
sanapiroze da CrdiloeTis zRvis Selfze 70-iani wlebis meore naxevarSi da 80-iani wlebis dasaw-
yisSi moqmedebs navTobmompovebel kompaniebTan mimarTebaSi.
       1975-83ww.    korporaciaTa    mogebis    gadasaxadTan    erTad   navTobmompo-vebel
sawarmoTa sagadasaxado Semosulobebis damatebiTi wyaroa roi-alti,




                                                                                       - 71 -
       navTobis Semosavlebis gadasaxadi (Petroleum Revenue Tax(PRT)) da
damatebiTi sanavTobo mosakrebeli, Secvlil iqna avansirebuli gadasaxadiT navTobis
Semosavlebze da Semdgom gauqmebuli. gadasax-adiT dabegvris aseTi wesi moklevadian
periodSi uzrunvelyofda biujeturi Semosavlebis 3%-mde. magram rig faqtorTa moqmedebam,
iseTis, rogoricaa maragebis gamofitva, navTobis fasebis dacema da valutis kursis dacema,
mkveTrad Seamcira navTobis Semosavlebis roli da gamoiwvies rigi sagadasaxado cvlilebebi.
       roialtis amoReba emyareba navTobis mopovebis Sesaxeb 1934w. kanons (Petroleum
(Production Act 1934) da kontinentaluri Selfis Sesaxeb 1964w. kanons (Continental
Shelf Act 1964). roialtis ganakveTi mTliani Semosavlis 12,5%-ia, romelic miRebulia sabados
eqsplo-ataciisagan. navTobis wiaRiseulze roialtis gauqmebis Sesaxeb 1983w. kanonis
Tanaxmad (Petrole-um Royalties (Relief) Act 1983), sabado, rom-elTa damuSavebis
nebarTva miRebul iqna 1982w. 1 aprilamde, Tavisuf-ldeboda roialtis gadaxdisagan.
       kompaniaTa navTobis Semosavlebis gadasaxadiT dabegvra xorci-eldeba navTobis
mopovebis Sesaxeb 1975w.Kkanonis Sesabamisad. (Oil Taxation Act 1975). gadasaxadi
amoiReba orjer weliwadSi navTobis da gazis TiToeuli sabados eqsploataciidan miRebuli
naxevarwliani mogebidan. 1993 wlis 1 ivlisidan gadasaxadis ganakveTi Semcirebul iqna 75-
dan 50%-mde.
       navTobis Semosavlebze gadasaxadis mixedviT moqmedebs SeRava-Tebis calkeuli
sistema. im sabadoze, romelTa damuSavebaze nebarTva miRebul iqna 1982w. 1 aprilamde,
dabegvrisagan gaTavisuflebuli iyo 250000t. gadasaxadis gadaxdisas yovel 6 Tvian periodSi,
saerTo Tanxaze 5 mln tonamde. zogierT sazRvao obieqtebze (wiaRiseulis), romelic
licenzirebuli iyo 1982w. 31 martis Semdeg, miecaT gaorma-gebuli SeRavaTi-500000t., saerTo
Tanxaze 10 mln tonamde. zRvis napirebze wiaRiseulisTvis SeRavaTi eZleoda 125000t. sididiT,
saerTo Tanxaze 2,5 mln tonamde.
       navTobis Semosavlis mixedviT damatebiTi SeRavaTis miReba SeuZliaT kompaniebs,
romlebic xarjebs ewevian axali sabados Ziebasa da Sefasebaze. gamouyenebeli SeRavaTi
SeiZleba gadatanil iqnes Semdeg periodSi. gadasaxadis gauqmeba axal sabadoze niSnavs
SeRavaTis moqme-debis gauqmebas.
       mTlianad, navTobmompovebel kompaniaTa gadasaxadiT dabegvris cvlilebebi asaxavs
navTobis Semosavlebis mniSvnelobis dacemas, rogorc saxelmwifo SemosulobaTa wyarosi.
navTobis Semosavlebze gadasaxadis gauqmebas stimuli unda mieca axali sabadoebis
damuSave-baze CrdiloeTis zRvis Selfze. es mizani ZiriTadad miRweul iqna msxvil da saSualo
sabadoebTan mimarTebaSi, magram SeRavaTebis gauq-mebis Sedegad Ziebisa da Sefasebis
xarjebze, mcire sabadoTa damuSaveba gacilebiT ufro riskiani gaxda.


                                                                                    - 72 -
       gadasaxadi               komunaluri          momsaxurebis              sawarmoTa
gauTvaliswinebel mogebaze

       komunaluri momsaxurebis sawarmoTa gadasaxadiT dabegvris ideiT leiboristebi
pirvelad gamovidnen 1992w. biujetis momzadebis msv-lelobaSi. 1996w. erTdrouli gadasaxadis
SemoReba privatizebul komunalur kompaniaTa gauTvaliswinebel mogebaze leiboristebis erT-
erTi ZiriTadi winasaarCevno valdebuleba gaxda sagadasaxado poli-tikis sferoSi. Semosulobebi
axali gadasaxadisagan unda warmarT-uliyo axalgazrda britanelTa mier samuSaos miRebaSi
daxmarebis programis dafinansebaSi, romelic Sefasebuli iyo 3 mlrd f.st-iT.
       gadasaxadis SemoRebas leiboristebi imiT asabuTebdnen, rom jer-erTi, kompaniebi
Seufaseblebi iyvnen privatizaciis msvlelobaSi, ris Sedegadac miiRes gauTvaliswinebeli
mogeba, meore, arasakmarisma kontrolma am sawarmoebisadmi privatizaciis Semdeg maT
saSualeba misca gamoeyenebinaT monopoliuri mdgomareoba bazarze. komunaluri seqtoris
kompaniaTa gauTvaliswinebeli mogebis gadasaxadi leibo-ristuli winasaarCevno programis
erT-erTi mcire gamonaklisi iyo, romelic amomrCevlebma uaryofiTad aRiqves. miuxedavad
amisa, am ideis ganviTarebam ramdenime wlis manZilze SesaZlebeli gaxada sazogad-oebrivi
azris momzadeba, ris Sedegadac miuxedavad mTlianad saqmiani wreebis negatiuri
damokidebulebisa, gadasaxadis SemoReba pirvelive leiboristul biujetSi SedarebiT mSvidad
iqna miRebuli.
       gadasaxadiT dabegvras eqvemdebareba komunaluri sferos kompani-ebi, romlebic
dakavebulebi     arian   gaz-    da   wyalmomaragebiT,    eleqtroq-selebiT,   transportiT   da
telekomunikaciebiT, romlebic privatizeb-ulebi iyvnen 1979 wlidan aqciebis ganTavsebis gziT
Ria bazarze da romlebic antimonopoliur regulirebas eqvemdebareboda.
       saerTo Semosulobebi gadasaxadisagan Sefasebuli iyo 5,2 mlrd f. st-iT, anu
Semosavlebis TiTqmis 10%-iT, romelic yalibdeboda kor-poraciaTa mogebis gadasaxadiT.
saxsrebis didi nawili unda Semosu-liyo eleqtromomaragebis kompaniebidan-2,10 mlrd f.st.,
wyalmoma-ragebis-1,645 mlrd f.st., da komunaluri meurneobis sxva sawarmoebidan-1,45 mlrd
f. st. gadasaxadis moqmedebis sfero vrceldeba Semdeg kompaniebze: BAA, British
Energy, British Gas, British Telecom, National Power, Norhern Ireland
Electricity, Power Railtrack, inglisis da uelsis eleqtromomaragebis 12 regionul
kompaniaze, rom-lebic privatizebul iqnen 1990 wels. (Regional electricity companies
(RECs)) da wyalmo-maragebisa da kanalizaciis 10 kompania (Water and Sewerage



                                                                                        - 73 -
companies (WASCs)), im kompaniebis CaTvliT, romlebic dReisaTvis Sedian Hyder,
United Utilities da Scottish Power-Si.
       gadasaxadi amoiReba     23%-iani ganakveTiT ganxvavebidan, aqciis gan-Tavsebis
momentSi (romelic gaangariSebulia miwodebis fasiT) kompaniis Rirebulebasa da privatizaciis
Semdeg oTxwlian periodSi cxrajeradi saSualowliuri mogebis tol Tanxas Soris. gadasaxadi
gadaixdeboda ori Tanabari SenataniT 1997w. 1 dekembers da 1998w. 1 dekembers. igi ar
gaiTvaliswineba korporaciaTa mogebis gadasaxadis gaangariSebisas.
       mtkiceba imis Sesaxeb, rom kompaniebi gayidul iqna TavianT realur Rirebulebaze
dabla, samarTliania umetesobasTan mimarTebaSi. ganTavsebis ukve meore dRes          mraval
kompaniaTa aqciis fasma TiTqmis 30%-iT aiwia da mxolod zogierTebSi-10%-mde. mTavrobis
mcdelobam Caetarebina aqciaTa warmatebuli ganTavseba, gadaaWarba maqsimalurad SesaZlo
Semosavlebis miRebis survils. zusti informaciis ararse-bobisas dawesebul iqna fasi, romelic
gaawonasworebda cnobil miwo-debas mosalodnel moTxovnasTan, magram moulodnelma
naxtomma aqciis fasSi uCvena, rom moTxovna Semcirebulia. xangrZlivvadian periodSi
zogierT kompaniasTan mimarTebaSi situacia Seicvala da maTi mdgo-mareoba safondo bazarze
gauaresda (magaliTad, BT, BG, Scottish eletricity companies), sxvebma, miuxedavad
amisa, moaxerxes SeenarCunebinaT TavianTi poziciebi (RECs,WASCs, BAA).
       leiboristebis mier komunalur sawarmoTa gauTvaliswinebel mogebaze SemoRebuli
gadasaxadi ar warmoadgens Tavisebur unikalur gadasaxads. 1980w. aSS-Si SemoRebul iqna
navTobis kompaniaTa gauTva-liswinebeli da gamoumuSavebeli Semosavlebis gadasaxadi,
romelic dakavSirebuli iyo navTobis fasis swrafi zrdiT. did britaneTSi 1981w. biujetSi
konservatorma jefri haum SemoiRo specialuri gadasaxadi sabanko depozitebze 2,5%-is sididiT,
uprocento mimdinare angariSebze, romlebic aWarbebda daubegrav Tanxas. gadasaxadis
SemoReba argumen-tirebuli iyo sargeblis metismetad maRali ganakveTebiT, romlebic
Camoyalibda mkacri fuladi politikis gatarebis Sedegad, ramac gazarda bankebis sargeblis
Semosavali kreditebis gacemisagan, maTi realuri Rirebulebis gadidebis gareSe, ramdenadac
anabrebs mimdinare angariSebze am periodSi sargebeli ar mohqondaT. gadasaxadisagan
miRebulma Semosulobebma 350 mln f.st. Seadgina (700 mln 1996/97w. fase-biT).
       gadasaxadi ganixileba rogorc msxvili erTdrouli Tanxis mi-Rebis meTodi. igulisxmeba,
rom, ramdenadac gadasaxadi erTjeradi amoRebaa, igi mniSvnelovan zegavlenas ver moaxdens
kompaniaTa ekono-mikur qcevaze da Seexeba ufro metad aqcionerebs da ara momxmareb-lebs.
erTdrouli gadasaxadis uaryofiTi niSania ganusazRvrelobis zrda sagadasaxado sistemasTan
mimarTebaSi.




                                                                                     - 74 -
             sagerbo mosakrebeli


        britanuli sagadasaxado sistemis elementia sagerbo mosakrebeli, romelic pirvelad samas
welze meti xnis winaT, 1694w. iqna SemoRebuli. misi amoReba dReisaTvis reglamentirdeba
sagerbo mosakreblis Sesaxeb 1891w. kanoniT (Stamp Act 1891), romelSic damatebebi
Seitaneboda Semd-gomi finansuri kanonebiT. kontroli xorcieldeba saSinao Semosav-lebis
sammarTvelos specialuri komisiis mier.


        cxr. 2.9. sagerbo mosakreblis ganakveTebi
                              mosakreblis ganakveTi(%)
  qonebis                        A
                Rirebuleba 1996/97 aprili-7ivlisi           8 ivlisi 1997w.-
   (f.st)                             1997w.                - aprili 1998w.


            0-60000              0                  0                          0
       60001-250000              1                      1                          1
      250001-500000              1                      1                      1,25
      500000-ze zeviT            1                      1                          2
        gansxvavebiT sxva gadasaxadebisagan, romlebic xasiaTdebian gada-xdevinebiT
Semxvedri kmayofilebis gareSe, mosakreblebi (anu saxel-mwifo baJi) saxelmwifos mier
savaldebulo wesiT amoiReba gansazRv-ruli momsaxurebis aRmoCenisaTvis. did britaneTSi
sagerbo mosakre-beli amoiReba kontraqtebis dadebis dros, fasiani qaRaldebis yidva-gayidvis
an emisiis dros da beWdiT aRiniSneba dokumentebze. uZrav qonebasTan operaciis gatarebisas
mosakrebeli ekisreba mxolod 60000 f. st-ze met Tanxaze. fasiani qaRaldebis mixedviT
minimaluri sawyisi ar wesdeba, sagerbo mosakrebeli amoiReba garigebis Tanxis 0,5%-is
sididiT.
        1986w. SemoRebul iqna damatebiTi sagerbo mosakrebeli (Stamp duty reserve tax)
0,5%-is sididiT, fasian qaRaldebTan zogierT operaciaTa gadasaxadiT dabegvris mizniT,
romelic ar xvdeba ZiriTadi sagerbo mosakreblis moqmedebis qveS (mag; sakuTrebis uflebis an
garigebis droebiTi mowmobebi, romlebic ganxorcielebulia erTi sabirJo angariSis mixedviT).
        1991w. biujetSi kanclerma gamoacxada imis Sesaxeb, rom sagerbo mosakrebeli
amoiReba mxolod uZravi qonebis operaciebis mixedviT. danarCen garigebaTa dabegvra, maT
Soris damatebiTi sagerbo mosakreb-lisa, unda gauqmebuliyo. am RonisZiebis moqmedeba
gadadebul iqna safondo birJaze TAURUS-is aqciebiT uqaRaldo vaWrobis sistemis



                                                                                       - 75 -
SemoRebamde, magram male, mis adgilas SemoRebul iqna CREST-is sistema. magram
mTavrobam ar gamoacxada sagerbo mosakreblis gauqmebis TariRis Sesaxeb fasian
qaRaldebTan operaciebis mixedviT da faqto-brivad 1996w. 1 ivlisidan SemoiRo sxvadasxva
cvlilebebi kanonmdeb-lobaSi uqaRaldo sistemis moqmedebisadmi wesebis adaptirebis mizniT.
       1997w. biujetSi braunma gazarda mosakreblis ganakveTebi uZravi qonebis operaciebis
mixedviT. amis Sedegad SemosulobaTa gadidebam 1997/98w. 240 mln f.st Seadgina,
1998/99w. 400 mln f.st., xolo 1999./2000w. 540 mln. f. st. sul sagerbo mosakreblis xarjze
yalibdeba sabiujeto Semosavlebis 0,9%, imdenive, ramdenic kapitalis gadasaxadebis xarjze.
Semosavlebis 25% uzrunveliyofa saSinao sakuTrebis dabegvris Sede-gad da 75%-mde miwis
sakuTrebisa da sawarmoTa sakuTrebis dabegvris Sedegad.


       $3.iribi      gadasaxadebi:            axali      funqciebi         da      mzardi
mniSvneloba.damatebuli Rirebulebis gadasaxadi


       britaneTis iribi gadasaxadebis struqturaSi wamyvani adgili uWiravs damatebuli
Rirebulebis gadasaxads (dRg). misi SemoReba 1973w. gamowveuli iyo britaneTis SesvliT
evropis TanamegobrobaSi. damuSavebulma da safrangeTSi pirvelad gamoCenilma dRg-m
gaagrZela brunvis gadasaxadis evolucia. saqonelTa da momsaxurebis dabegvra damatebuli
Rirebulebis gadasaxadiT xorcieldeba Sereuli xerxiT: gadasaxadi gaiTvaliswineba mravaljer,
produqtis realizaciis yovel axal etapze misi moZraobis dros pirveladi damamzadeblidan saboloo
momxmareblamde. magram dasabegr brunvaSi Seitaneba ara realizebuli saqonlis mTeli
Rirebuleba, aramed Rirebulebis namati, romelic iqmneba saqonlis warmoebisa da ganawilebis
mocemul etapze.
       gadasaxadis farTod gavrcelebas xeli Seuwyo misadmi `yvelaze ufro neitraluri
gadasaxadis~ maxasiaTeblis miniWebam warmoebis faqtorebisa da meTodebis TvalsazrisiT.
amis da aseve imis mxedve-lobaSi miRebiT, rom importis dabegvrisa da eqsportis gaTavisuf-
lebisas dRg ar uSlis konkurencias erovnul da ucxour saqonels Soris, evropis ekonomikuri
Tanamegobrobis yvela qveyanam SemoiRo dRg da igi miiRo gadasaxadiT iribi dabegvris
erovnuli sistemis unif-ikaciis safuZvlad. 1979w. dawesebul iqna sagadasaxado bazis
SeTanxme-buli sidideebi, ramac SesaZlebeli gaxada evropis Tanamegobrobis biujetis erTiani
saSemosavlo bazis axali wyaros formireba, romelic ivseba yovelwliuri anaricxebis xarjze, dRg-
dan miRebul saerTo SemosulobaTa dawesebul farglebSi.




                                                                                       - 76 -
         Tanamedrove periodSi dRg Tavisi mniSvnelobiT meore gadasaxadia (saSemosavlos
Semdeg) didi britaneTis saxelmwifo biujetis formi-rebaSi. misi roli sagadasaxado sistemaSi
ganuxrelad izrdeba, raze-dac mowmobs sagadasaxado SemosavlebSi ukanasknel aTwleulSi
xvedri wilis TiTqmis orjer gadideba-1978/79w. 7,8%-dan, 17%-mde 1996/97w. dRg imyofeba
sabaJo gadasaxadebisa da aqcizebis sammarTvelos gamgeblo-baSi. gadasaxadiT moqmedi
dabegvra xorcieldeba damatebuli Rirebu-lebis gadasaxadis Sesaxeb 1994w. kanonis safuZvelze
(Value Added Tax Act(VATA) 1994)
         damatebuli Rirebulebis gadasaxadi gamoiyeneba qveynis SigniT warmoebad saqonelTa
da momsaxurebis farTo wris mimarT da aseve importirebul saqonelsa da gansazRvrul
momsaxurebaze. moqmedi kan-onmdeblobiT saqonelTa da momsaxurebis zogierTi kategoria
Tavisu-fldeba gadasaxadiT dagebvrisagan.
            miwa;
            dazRveva;
            safosto momsaxurebebi (garda satelefonosi);
            ganaTleba;
            finansuri momsaxurebebi;
            latareebi, totalizatorebi da azartuli TamaSebi;
            jandacva;
            saritualo momsaxurebebi.
         gaTavisufleba niSnavs, rom dRg ar amoiReba saboloo produq-tidan, magram wina
stadiebze gadauxdeli gadasaxadi ar kompensirdeba. amis Sedegad irRveva saerTo principi,
romlis Tanaxmad, sawarmoo saga-reo efeqtebis ararsebobisas, Sualeduri produqtebi ar unda
dai-begros gadasaxadiT.
         dRg-Ti dabegvris sistema iseTnairad moqmedebs, rom gadasaxadis ZiriTadi tvirTi
momxmareblebze modis. saqonlis pirveli mimwodeb-lidan saboloo momxmareblamde
swarmoebs Sesyidul saqonelTa mixed-viT gadaxdili gadasaxadis da im gadasaxadis
urTierTCaTvla, romelic Sedis gayiduli saqonlis fasSi. meurne subieqtebi, romlebic gadasa-
xadis nominaluri gadamxdelebia, ixdian gansxvavebas gayidul da SeZe-nil saqonelTa
gadasaxadebs Soris da anazRaurebas Rebuloben nayid saqonelze gadasaxadis gadametebis
SemTxvevaSi gayiduli saqonlis gadasaxadze. wminda gadasaxdeli warmoadgens gadasaxads
Rirebulebis namatze, romelic warmoiSoba saqonlis warmoebisa da ganawilebis yov-el etapze,
e.i. gadasaxadi dawesebul procentebSi gadaixdeba mxolod ganxvavebidan SesaZen da gasayid
fass Soris. momxmarebeli, amrigad, gadasaxadis ukanaskneli gadamxdelia, romelic damalulia
fasSi.



                                                                                    - 77 -
       dRg-s moqmedi sistema operirebs sami ganakveTiT: standartuliT 17,5%, 5%-iT
Semcirebuli ganakveTiT saTbobze, romelic gamoiyeneba sayofacxovrebo mizniT, da
gansazRvrul saqonelsa da momsaxurebaze nulovani ganakveTiT.
       nulovani ganakveTiT ibegreba:
          kvebis produqtebi (sazkvebis sferoSi miwodebis, saojaxo pirutyvis kvebis
produqtebis, alkoholiani da ualkoholo sasmelebis, sakonditro da zogierT sxva saqonelTa
gamoklebiT);
          wyalmomarageba da kanalizacia (samrewvelo miznebisaTvis miwodebaTa
gamoklebiT);
          wignebi;
          sacxovrebeli saxlebis da aseve saqvelmoqmedo miznebisaTvis SenobaTa
mSenebloba;
          sabavSvo tansacmeli da fexsacmeli;
          sazogadoebrivi transportis tarifebi (taqsis garda);
          medikamentebi, romlebic receptebiT gaicema;
          saeqsporto miwodebebi da momsaxurebebi.
       biujetis saSemosavlo nawilis formirebis TvalsazrisiT, gada-saxadis amoRebis sistema,
romelic ramdenime ganakveTs iyenebs, dama-tebiT sagadasaxado xarjebs iwvevs (ix.cxr. 2.10
da 2.11) da iwvevs saqonelTa da momsaxurebis zusti definiciis aucileblobas, romlebic
sxvadasxva ganakveTebiT dabegvris qveS xvdebian, rac sakmaod rTuli amocanaa.
winaaRmdeg     SemTxvevaSi      sagadasaxado    sistemaSi    warmoiSoba   xvrelebi,   romlebic
gadasaxadis gadaxdidan Tavis aridebis provo-cirebas iwveven. rogorc varaudoben, am mizeziT
biujeti yovelwliurad ver Rebulobs daaxloebiT 5 mlrd f.st-s. am saxis Tavis aridebis
masStabebis Semcirebis erT-erTi xerxis saxiT SemoTavazebulia saqonelTa da momsaxurebis
siis gafarToeba, romlebic ibegreba dRg-s standartuli ganakveTiT, magram adrindeli da
moqmedi mTavrobac am rekomendaciebs erTob frTxilad ekideba.
       zogierTi kategoriis saqonelTa da momsaxurebisadmi nulovani ganakveTis gamoyeneba
argumentirdeba, pirvel rigSi, socialuri aucil-eblobiT. ase magaliTad, kvebis produqtebi
mosaxleobis naklebuzr-unvelyofili fenebis xarjebis did nawils Seadgens ufro metaduzr-
unvelyofilTan SedarebiT, maSasadame, damatebul Rirebulebaze stan-dartuli ganakveTiT
dabegvra regresuli iqneba. miuxedavad amisa, gada-saxadiT iribi dabegvris gamoyenebisas
Semosavlebis ganawilebis mizniT warmoiSoba SefardebiTi fasebis damaxinjebis problema
mosaxleobis sxvadasxva fenebisaTvis. sagadasaxado sistemis gadamanawilebeli funq-ciis
uzrunvelyofis alternatiuli variantia saSemosavlo gadasaxadis progresulobis zrda da transfertul



                                                                                        - 78 -
 gadasaxdelTa ganxorcieleba, magram igi ewinaaRmdegeba britanuli mTavrobis mier
 xangrZlivi perio-dis ganmavlobaSi gatarebul sagadasaxado politikas.
         gadasaxadiT diferencirebuli dabegvris kidev erTi mizezia saga-reo efeqtebis
 koreqtireba, rac dakavSirebulia gansazRvrul saqon-elTa moxmarebasTan. kerZod, nulovani
 ganakveTi wignebze, gazeTebze da periodul gamocemebze dawesebul iqna `codnis
 gadasaxadisagan gaTavi-suflebis saerTo principis~ safuZvelze. miuxedavad amisa, nulovani
 ganakveTis efeqtianoba sadavo xdeba im safuZvelze, rom SeRavaTiani reJimi Tanabrad
 gamoiyeneba yvela wignis, gazeTis da perioduli gamocemisadmi, miuxedavad maTi
 saganmanaTleblo Sinaarsisa, maSin rodesac, magaliTad, videomagnitofonebi an kompiuterebi,
 romelTac aseve saganmanaTleblo faseuloba gaaCniaT, standartuli ganakveTiT ibegreba.




         cxr. 2.10 sagadasaxado xarjebi nulovani ganakveTis moqmedebis Sedegad
                                                           1995/96                1996/97
Kkvebis produqtebi                                           7400                  7500
binebis mSenebloba                                           2150                  2200
mgzavrTa Siga gadazidvebi                                    1350                  1450
  saerTaSoriso samgzavro gadazidvebi                         1150                  1200
wignebi, gazeTebi, Jurnalebi                                 1150                  1200
wyalmomarageba da kanalizacia                                 900                  900
receptiT gasacemi wamlebi                                     700                  750
     wyaro: HM Treasury’s Tax Ready Reckoner, August 1996


         ZiriTadi gansxvaveba saqonelTa gadasaxadiT nulovani ganakveTiT dabegvrasa da dRg-
 sagan gaTavisuflebas Soris gadaxdili gadasaxadis kompensaciis sistemaSi mdgomareobs. orive
 SemTxvevaSi dRg ar amoiReba saboloo produqtidan, magram nulovani ganakveTiT dasabegr
 saqonelTa    mimwodeblebi      momwodeblebisadmi      gadaxdili    gadasaxadis    anazRaurebas
 Rebuloben, xolo dRg-Ti dabegvrisagan gaTavisuflebul saqonelTa mimwodeblebs kompensaciis
 ufleba ara aqvT. am sqemis moqmedeba ekono-mikurad araefeqtiania, ramdenadac
 ukanaskneli, ufro maRal Sesasyid fasebTan Sejaxebisas cdilobs mis nawilobriv Setanas saboloo
 prod-uqtis fasSi, romelic, maSasadame, faruli gadasaxadis kompo-nentis Semcveli iqneba
 nulovan da standartul ganakveTebs Soris farglebSi. zogierTi gaangariSebiT es faruli gadasaxadi
 umeteswilad 4%-dan 7%-mde Seadgens xarjebis struqturisa da miwodebis bunebisagan
 damoki-debulebiT, rac faqtobrivad niSnavs saqonelTa gadasaxadiT dabegvras Semcirebuli


                                                                                            - 79 -
 ganakveTiT.1 samomxmareblo xarjebis struqturaSi daax-loebiT 25% modis nulovani
 ganakveTiT       dasabegr       saqonelze    da   daax-loebiT   15%    gadasaxadiT    dabegvrisagan
 gaTavisuflebul saqonelze.


--------------------------------------
41. Issues in Indirect and Enviromental Taxation, Instante Fiscal Studies
(http://www.ifs.org.uk)
          yvelaze ufro sadiskusio sakiTxi ukanasknel wlebSi gaxda 1994w. aprilSi Semcirebuli
 ganakveTis SemoReba sayofacxovrebo saTbobze, romelic aqamde nulovani ganakveTiT
 ibegreboda. am reformis mizani gaxda haeris dabinZurebis Semcireba, romelic saTbobis
 gamoyenebis procesSi xorcieldeba mniSvnelovanwilad naxSirbadis dioqsidis gamofrqvevis
 gamo.
          figus koncefciis Tanaxmad idealuri ekologiuri gadasaxadebi unda daekisros atmosferoSi
 damabinZurebel nivTierebaTa gamofrq-veviT gamowveuli zaralisaTvis, romelTa raodenoba
 SeiZleba icvleb-odes drois, adgilisa da koncentraciisagan damokidebulebiT. ramde-nadac xSir
 SemTxvevaSi          damabinZurebel         nivTierebaTa   gamofrqvevis       gaz-omvis     meTodebi
 ZviradRirebulia, an saerTod miuwvdomelia, xolo gadasaxadiT dabegvris cvalebadi reJimi
 maRal administraciul xarjebs iwvevs, ekologiuri problemis gadaWrisaTvis SemoTavazebulia
 sawvavis gadasaxadi. magram naxSirbadis dioqsidis gamonafrqvevis damo-
          cxr. 2.11 sagadasaxado xarjebi dRg-s gadaxdisagan gaTavisu-flebis Sedegad
                                                                  1995/96             1996/97
   rentuli gadasaxdelebi sacxovrebel qonebaze
                                                                   2850                    3000
   rentuli gadasaxdelebi komerciul saqmianobaze
                                                                   1300                    1300
   kerZo ganaTleba                                                 1000                    1050
   jandacva                                                        400                     450
   safosto momsaxurebebi                                           400                     450
   saritualo momsaxurebebi da kremacia                             100                     100
   finansuri momsaxurebebi da dazRveva                                 50                   50
   totalizatorebi, azartuli TamaSebi da latareebi                        650
                                                                                    700
     wyaro: HM Treasury’s Tax Ready Reckoner, August 1996




                                                                                                  - 80 -
    kidebuleba naxSirbadis Semcvelobaze saTbobis konkretul saxeo-baSi, miuTiTebs e.w.
    naxSirbadis gadasaxadze (carbon tax) rogorc ekologiuri amocanis gadaWris optimalur
    meTodze.


              cxr. 2.12 naxSirbadis dioqsidze realuri gadasaxadis sididis Tanafardoba sawvavis
    dRg-Ti dabegvris dros
                  er erTeuli              dRg-s                    CO2-is                saangariSo
                                          Semadgeneli              gamofrqveva            gadasaxadi
                                            (erTeulze)        ( (erTeulze)                 CO2-ze
  navTobi                  1000l                  10,04                    2,69                     3,37
El eleqtro-energia* 1 103 kvt.sT                  6,04                     0,65                 9,29
  Abun.airi          1     07 k.kal.              15,86                    2,26                 7,02
qva naxSiri              1000kg                   9,19                     2,42                 3,80


              * mniSvneloba aqvs sawvavs, romelic gamoiyeneba eleqtroenergiis warmoebaSi
              wyaroebi: EUROSTAT Yearly Energy Statistics; IEA Energy Prices
    and Taxes
              evropuli   komisia gamovida winadadebiT               evropis       Tanamegobrobis    qveynebSi
    naxSirbadis gadasaxadis SemoRebis Sesaxeb jer kidev 1991w. seqtemberSi, magram britaneTis
    mTavrobam igi ar moiwona. amis magivrad SemuSavebul iqna sxva RonisZiebebi: dRg-s
    SemoReba sayofacxovrebo sawvavze da aqcizebis yovelwliuri gadideba sawvavze. es
    cvlilebebi    sustad    Seexo      mrewvelobas,       romlis   wilad     modis    naxSirbadis   dioqsi-dis
    gamonafrqvevis TiTqmis meoTxedi. garda amisa, dRg-s erTiani gana-kveTis moqmedeba
    niSnavs, rom gadasaxadiT dabegvris done damoki-debuli araa gamonafrqvevis raodenobaze,
    rasac sayofacxovrebo sawva-vis sxvadasxva saxeoba awarmoebs(ix. cxr. 2.12)
              unda aRiniSnos, rom naxSirbadis gadasaxadis idea popularobiT ar sargeblobs
    mrewvelebs Soris, romlebic SeSfoTebuli arian misi SesaZlo zegavleniT saerTaSoriso
    konkurenciaze. xangrZlivvadian periodSi es zegavlena SeiZleba nivelirebul iqnes savaluto
    kursebis, xelfasis an fasis cvlilebaTa xarjze, romelic saSinao bazarze yalibdeba.mTlianad ki
    gadasaxadis zegavlenis Serbileba SeuZlia mis erTdroul SemoRebas evropis Tanamegobrobis
    yvela qveyanaSi. miuxedav-ad amisa, ar SeiZleba gamovricxoT imis albaToba, rom
    energotevadi dargebi nebismier SemTxvevaSi SedarebiT naklebxelsayrel mdgomar-eobaSi
    aRmoCndeba sxvebTan SedarebiT.




                                                                                                       - 81 -
               naxSirbadis gadasaxadis gansazRvruli fiskaluri mniSvneloba SesaZleblobebs qmnis
       korporaciis mier amoRebuli sxva gadasaxadebis SemcirebisaTvis, magaliTad, damqiravabelTa
       Senatanebi socialuri dazRvevis fondSi an korporaciaTa mogebis gadasaxadisa. garda amisa,
       RonisZiebaTa     konkretuli       anakrebisagan     damokidebulebiT      gadasaxadi     SeiZleba
       gamoiyenebodes    rogorc      regulirebis   instrumenti   Sroma-   an   kapitaltevad   dargebTan
       mimarTebaSi.
               qveynebma, romelTac calmxrivad SemoiRes naxSirbadis gadasaxadi, paralelurad rigi
       RonisZiebebi miiRes, romlebic zRudaven gada-saxadis zegavlenas mrewvelobis zogierT
       dargTa konkurentul pozi-ciebze, magaliTad, SvedeTSi dammuSavebeli mrewveloba ixdis gada-
       saxadis mxolod meoTxed nawils. magram SeRavaTebis sistemis moqmedeba amcirebs
       gadasaxadis efeqtianobas da Zirs uTxris mis mniSvnelobas.
               zemoTaRniSnuli, naxSirbadis kanonTan mimarTebaSi mniSvnelov-anwilad Seexeba
       sawvavis gadasaxadsac, romelic konservatorebma SemoiRes. orive gadasaxadis moqmedebis
       Sedegad aRmocenebadi kidev erTi problemaa maTi regresuloba, romelic ganpirobebulia
       ZiriTa-dad, yofacxovrebaSi gamoyenebuli eleqtroenergiis tarifebis zrdiT. eleqtroenergiis
       xarjebi uRaribes saojaxo meurneobaTa xarjebis mniSvnelovani nawilia da mxolod
       umniSvnelod izrdeba Semosavlis zrdis kvalobaze. gadasaxadis regresulobis Serbilebis mizniT
       mTavroba iZulebulia gadaanawilos mis xarjze miRebul SemosulobaTa nawili, kerZod,
       sayofacxovrebo sawvavze dRg-s SemoRebas Tan axlda sxvadasxva sakompensacio
       RonisZiebebi, sabazo pensiis gadidebis CaTvliT.
               gadasaxadis regresuloba ZiriTadi mezezi gaxda leiboristebis mxriv misi negatiuri
       Sefasebisa, romelmac misi ganakveTis Semcirebis punqti Tavis winasaarCevno programaSi
       Seitna. garda amisa, maT ganacxades gadasaxadis araefeqtianobis Sesaxeb, moTxovnis dabali
       reaqciis gamo safaso cvlilebebze. ivlisis biujetSi gordon braunma ganacxada dRg-s ganakveTis
       Semcirebis Sesaxeb sayofacxovrebo sawvavze 8-dan 5%-mde 1997w. 1 seqtembridan.
       miRebuli RonisZiebis Sedegad gadasaxadis regresuloba ramdenadme Semcirda, amasTan,
       yvelaze meti upiratesoba miiRes 65 welze uxnesma pirebma, e.i. mosaxleobis im nawilma,
       romelTac saxelmwifo momatebul yuradRebas aqcevs (ix. cxr. 2.13)
               cxr. 2.13 dRg-s ganakveTis Semcirebis gamanawilebeli efeqti sayofacxovrebo
       sawvavze 8-dan 5%-mde
Sem Semosavlis done               m miRebuli sargeblis sa-                miRebuli             sargebl-
(f.s (f.st. kviraSi)              a-Sualo sidide (kviraSi)                is saSualo sididde (saerTo x
                                                                          arjebis%)




                                                                                                  - 82 -
               61                        0,25                                0,44%
               97                               0,29                             0,38
               136                              0,31                             0,31
               181                              0,32                             0,24
               230                              0,35                             0,22
               281                              0,36                             0,20
               342                              0,38                             0,18
               411                              0,41                             0,18
               515                              0,41                             0,14
               827                              0,52                             0,13
asa asaki                                       0,32                             0,21
               20-34                            0,41                             0,20
               35-49                            0,40                             0,22
               50-64                            0,36                             0,24
               65+
sa saSualod                                     0,36                             0,24
              wyaro: Family Expenditure Survey, 1994/95
              gadasaxadis ganakveTis Semcirebam sayofacxovrebo sawvavze uaryo-fiTi reaqcia
     gamoiwvia evropis komisiis mxriv. 1994w. Semcirebuli gana-kveTis SemoRebis dros
     igulisxmeboda, rom Semdgomi cvlilebebi mimar-Tuli iqneboda standartuli ganakveTisadmi
     daaxloebis        mxares.   ganakve-Tis      minimumamde,        magram      misaReb         donemde
     SemcirebiTYbraunma uCvena            damo-ukidebeli      finansuri politikis gatarebis       mcdeloba
     evrogaerTianebis      farglebSi,   magram     seriozul   garTulebaTa   Tavidan     acileba    evropis
     komisiasTan mouxda dapirebis xarjze, SemdgomSi ar gaetarebina arana-iri cvlileba dRg-s
     ganakveTebSi, misi Semcirebis mimarTulebiT.
              dRg-s amoRebis sistemis mniSvnelovani elementia im pirTa saval-debulo registracia
     sabaJo gadasaxdelebisa da aqcizebis sammarT-veloSi, romelTa wliuri brunva aWarbebs
     dawesebul zRvars, romelic 1996w. 26 noembridan 48000 f.st.-ia da leiboristebma 49000 f.st-
     mde gaz-ardes 1997w. 1 dekembridan. saregistracio donesTan erTad yovelwliu-rad wesdeba
     e.w. deregistraciis sawyisi done, romelic niSnavs, rom gadasaxadis gadamxdels ufleba aqvs ar
     daregistrirdes, Tuki misi gadasaxadiT dasabegri brunva Semdgom Tormet Tves ar aWarbebs
     gansazRvrul sidides (46000 f.st.-1996w. 27 dekembridan, 47000 f.st. 1997w. 1 dekembridan)-
     im SemTxvevaSi, Tuki wliuri brunva saregistracio sawyis zRurblze naklebia, daSvebulia




                                                                                                     - 83 -
nebayoflobiTi registracia. nulovani ganakveTiT dabegrili miwodebis ganxorcielebisas
SesaZlebelia regis-traciisagan gaTavisufleba.
         registraciis valdebuleba SeiZleba nebismier dros warmoiSvas, Tuki mosalodnelia, rom
gadasaxadiT dasabegri miwodebebi Semdgom 30 dRes gadaaWarbebs saregistracio dones.
registraciisagan Tavis aridebisas ekisreba jarima gadasaxadis wminda Tanxis 15%-mde,
minima-luri jarima 50 f.st-ia. kompaniaTa danawevrebis gziT registraciisagan Tavis aridebis
mizniT      moqmedebs   debuleba,   romlis      Tanaxmad, kompaniebi   romlebic sxvadasxva
saqmianobas ewevian da erTi da igive biznesis na-wilebi arian, gadasaxadiT ibegrebian rogorc
erTi mTliani.
         saerTaSoriso savaluto fondis mier britanuli ekonomikis mdgo-mareobis Sesaxeb 1997w.
zafxulSi momzadebul angariSSi miTiTe-buli iyo qveyanaSi samomxmareblo moTxovnis
Seukavebeli zrdis safrT-xis Sesaxeb, romelsac SeeZlo gaeZlierebina inflaciuri zewola eko-
nomikaze. danazogebis stimulirebisa da samomxmareblo xarjebis Sem-cirebis mizniT
rekomendebuli iyo dRg-s bazis gafarToeba saSua-lovadian periodSi. winasaarCevno dapirebaze
daTanxmebiT, ar SemoeRo dRg pirveli moTxovnilebis sagnebze, iseTebze, rogoricaa bavSvTa
kvebis produqtebi, sabavSvo tansacmeli, transporti da gazeTebi, leiboristma kanclerma gordon
braunma ar miiRo saerTaSoriso savaluto fondis winadadeba. garda amisa, man ganacxada imis
Sesaxeb, rom SeewinaaRmdegeba evropuli komisiis nebismier zewolas dRg-s ganakveTebis
gadidebaze did britaneTSi sxva qveynebTan misi unifika-ciis mizniT. mTlianad, dRg-s dabali
ganakveTi uzrunvelyofs har-monizaciis procesis naklebmtkivneul zegavlenas britaneTis
biujetze.


         gadasaxadi sadazRvevo Senatanebze

         im sababiT, rom dazRvevis kompensacia ar eqvemdebareba dRg-Ti dabegvras,
konservatulma mTavrobam 1993w. biujetSi gamoacxada gada-saxadis SemoRebis Sesaxeb
sadazRvevo Senatanebze (Insurance premium tax( IPT)).
         gadasaxadi, romelic ZalaSi Sevida 1994w. 1 oqtombridan, amoiReba riskis dazRvevis
sxvadasxva saxeobebidan, romelic did britaneTSi imyofeba. gadasaxadis moqmedebis sferoSi
Sedis avtomanqanebis, moZravi qonebis samedicino momsaxurebis, turizmis da a.S. dagegmva.
gadasaxadi ar amoiReba dazRvevis xangrZlivvadiani saxeobebidan, magaliTad sicocxlis
dazRvevidan da 1997w. oqtombramde samedicino dazRvevidan da aseve saerTaSoriso sahaero
da sazRvao transportidan da vaWro-bidan da gadazRvevidan.
         cxr. 2.14 gadasaxadis ganakveTebi evropis qveynebSi


                                                                                      - 84 -
                       belgia                                  9,25%
                    saberZneTi                                  10%
                      avstria                                   11%
                     germania                                   15%
                       italia                                  21,25%
                       fineTi                                   22%
                    safrangeTi                                 7-30%


       Tavdapirveli ganakveTi sadazRvevo Senatanis Tanxis 2,25% iyo. 1996w. noembris
biujetSi gamocxadebuli iyo gadasaxadis ganakveTis gadidebis Sesaxeb 40%-mde 1997w. 1
aprilidan dazRvevis umetes saxeo-bebze, Senobebisa da nagebobebis, saojaxo qonebis,
avtomanqanebis dazR-vevis CaTvliT. ganakveTis gadideba nakarnaxevi iyo pirvel rigSi fis-
kaluri amocanebiT, amasTan, mTavrobam ixelmZRvanela im faqtiT, rom gadasaxadis
ganakveTi did britaneTSi naklebia, vidre sxva evropul qveynebSi.(ix. cxr. 2.11)
       imavdroulad SezRudul saqonelTa da momsaxurebis dazRvevaze, romelic dRg-Ti
ibegreba, dawesebul iqna momatebuli ganakveTi, rome-lic dRg-s standartuli ganakveTis-
17,5%-is toli iyo. momatebuli gana-kveTis SemoReba imiT iyo dasabuTebuli, rom am
gadasaxadebis ganak-veTebSi mniSvnelovani gansxvavebebi mimwodeblebs saSualebas
aZlevda dRg-ze pasuxismgebloba SeemcirebinaT dazRvevis xarjebis momatebis gziT.
momatebuli ganakveTi gamoiyeneba meqanikuri dazianebisagan dazR-vevis (magaliTad,
britanuli warmoebis eleqtromowyobilobebze da naxmar avtomanqanebze) turistebis dazRvevis
da televizorebis garan-tiis da avtomanqanebis gaqiravebis mimarT. am ganakveTis
gamoyenebis    mniSvnelovani     pirobaa   sadazRvevo    polisebis    gayidva   saqonelTan   an
momsaxurebasTan erTad, magaliTad, turistebis dazRveva sagzuris SeZe-nisas, an garantiis
gaxangrZlivebuli vada televizoris SeZenisas. am polisebis SeZenisas pirdapir damzRvevTan
moqmedebs standartuli 4%-iani ganakveTi. sabaJo gadasaxdelebisa da aqcizebis sammarTvelos
mona-cemebiT, cvlilebaTa Sedegad biujetis Semosavalma 485 mln.f. st. Seadgina 1997/98
wels, 690 mln. f. st. 1998/99w da 730 mln f.st. 1999/2000w.1
       erTi da igive saqonlis gadasaxadiT dabegvram sxvadasxva ganak-veTebiT, dazRvevis
pirobebisagan damokidebulebiT negatiuri reaqcia gamoiwvia damzRvevebs Soris. garda amisa,
britaneTis presaSi gamoCnda pesimisturi prognozebi uaxloes wlebSi ganakveTebis SesaZlo
zrdis Sesaxeb, romelic argumentirebuli iyo mkacri sabiujeto politikis gatarebis aucileblobiT da
ganakveTis SedarebiT dabali doniT msoflio standartebis mixedviT.



                                                                                         - 85 -
               ukve 1997w. ivlisSi braunma gamoacxada gadasaxadiT dasabegri bazis gafarToebis
 Sesaxeb masSi 1 oqtombridan kerZo samedicino daz-Rvevis Setanis xarjze. zogierTi SefasebiT,
 Senatanebs kerZo samedi-cino dazRvevaze swrafi zrdis tendencia gaaCnia-yovewliuri gadideba
 saSualod 10-dan 15%-mde Seadgens. am RonisZiebis SesaZlo Sedegi sadazRvevo Senatanebis
 Semdgomi gadideba iyo, rasac SeiZleba gamo-ewvia mosaxleobis gansazRvruli nawilis
 uarisTqma kerZo dazRvevaze, ris Sedegadac gaZlierdeboda datvirTva jandacvis erovnul
 samsa-xurze.
               britanel damzRvevTa asociaciis mier Catarebulma gamokvlevam uCvena, rom
 gadasaxads regresuli xasiaTi aqvs: Semosavlebis xvedri wi-li, romelsac ixdis umciresi
 Semosavlebis mqone mosaxleobis 20% av-tomanqanebis dazRvevaze, oTxjer metia, vidre
 yvelaze meti Semosav-lebis mqone mosaxleobis 20%-is mier, Senobebisa-xuTjer, saojaxo
 qone-bisa-oTxjer. asociaciis dakveTiT gelapis institutis mier Catarebuli socialuri gamokvlevis
 Tanaxmad, britanelTa 71% sadazRvevo Senata-nebze gadasaxads dabegvris arasamarTlian
 meTodad Tvlis da mxolod 4% Tanxmdeba,rom sadazRvevo Senatanebze gadasaxadis gadideba
 fiska-luri miznebiT upiratesia dRg-s an saSemosavlo gadasaxadis zrdisa.2


                                    aqcizebi

               britaneli momxmareblebi iribi gadasaxadebis-aqcizebis didi da mravalferovani jgufis
 faqtobrivi gadamxdelebi arian, romelic dafa-rulia zogierT saqonelTa fasSi da formalurad
 gadaixdeba mwarmo-eblebisa da gamyidvelebis mier. saxelmwifo biujetSi SemosulobaTa
 moculobiT aqcizebi CamorCebian dRg-s, magram aqcizis qvemdebare ume-tesi saqonlis
 TvalsazrisiT fiskalurTan erTad did mniSvne-lobas iZens gareSe efeqtebis regulirebis funqcia,
 romelic dakavSirebulia maT warmoebasTan da moxmarebasTan. tradiciul saaqcizo saqonlad
 did
---------------------------------------------


 1. HM and Excise, news zelcase: Budget 1996: IPT Rises to 1 per cent with
 higher zate to counter VAT avoidance, 26 november 1996
 2. Association of Britisch Insurers. News zelease:Insurance Premium Tax-
 What will the Chaneellor say next? November 18,1996
 britaneTSi iTvleba alkoholuri sasmelebi, Tambaqos nawarmi da saw-vavi. maT garda aqcizi
 amoiReba satransporto saSualebebidan, azartu-li TamaSebidan da zogierTi sxvebidan.
               did britaneTSi aqcizebis ganakveTebi alkoholur produqciaze erT-erTi yvelaze maRalia
 evropaSi (ix.cxr.2.15), xolo alkoholis gada-saxadidan SemosulobaTa xvedri wili saerTo

                                                                                            - 86 -
sabiujeto SemosavlebSi ufro metia, vidre evrogaerTianebis nebismier qveyanaSi. magram
saxel-mwifo Semosavlebis es wyaro safrTxis winaSe dadga erTiani evropuli bazris
CamoyalibebiT. barierebis gauqmebam piradi moxmarebis saqonelTa         importze 1993w. 1
ianvridan mkveTrad gazarda alkoholuri produqciis Semotana sxva qveynebidan. sabaJo
gadasax-delebisa da aqcizebis sammarTvelos monacemebiT spirtiani sasmelebis gayidvis
moculobis Semcirebis Sedegad qveynis SigniT, erTiani bazris funqcionirebis pirveli wlis
ganmavlobaSi Semosulobebi 100 mln f.st.-iT Semcirda. dReisaTvis importis did nawils
Seadgens franguli spirtiani sasme-lebi, romlebzec aqcizebi ramdenjerme dabalia, vidre
analogiur britanuli warmoebis produqciaze (kerZod, 0,57 l. ludis fasi 5%-iani alkoholuri
SemadgenlobiT 30,7 pensia did britaneTSi da mxolod 4,4 pensi safrangeTSi).
           tradiciuli argumenti alkoholis damatebiTi gadasaxadebis dabegvris sasargeblod
emyareba sazogadoebriv danaxarjebs, romelic warmoiSoba produqciis am saxeobis
moxmarebis Sedegad. miuxedavad amisa, mtkiceba imis Sesaxeb, rom 40%-iani simagris
sasmelebis moxmareba did zians ayenebs janmrTelobas, vidre ludis an Rvinis moxmareba,
asaxvas ver poulobs ganakveTebis arsebul SkalaSi. im gagebiT, rom aqcizebiT ibegreba
alkoholis raodenobrivi Semcveloba, ganakveTebi wminda spirtis erTeulze gansxvavdeba
sasmelis saxeobisagan damokide-
bulebiT (ix.cxr.2.16). mniSvnelovan gansxvavebaTa arseboba aqcizebis ganakveTebSi
urTierTSemcvlel saqonelze, ubiZgebs mwarmoeblebs gada-saxadisagan Tavis legaluri aridebis
gzebis Ziebaze, magaliTad, alkoholuri sasmelebis axal saxeobaTa gamoSvebis xarjze.




           cxr. 2.15. alkoholur produqciaze aqcizebis ganakveTebi evro-kavSiris qveynebSi
1996w. 1 agvistosTvis (evro wminda alkoholis heqtolitrze)
                  lu ludi(simagre 5%)    Rv Rvino(simagre11%)       spirti (simagre 40%)
  Aavstria                     362                    0                      755
  Bbelgia                      381                   346                     1641
  Ddidi britaneTi              1306                  1543                    2388
  Ggermania                    205                    0                      1355
  saberZneTi                   314                    0                      801
  Ddania                       773                   848                     3772
  irlandia                     1927                  2408                    2678
  espaneTi                     168                    0                      703
  italia                       321                    0                      591


                                                                                     - 87 -
  Lluqsemburgi                 207                         0                      1085
  niderlandebi                 445                       464                      1573
  Pportugalia                  280                         0                       762
  fineTi                      3018                       2744                     5327
  safrangeTi                   193                        31                      1328
  SvedeTi                     2609                       2672                     5316
        wyaro: IFS,Tax Measures for the November Budget, 1996
        alkoholuri produqciis sxva qveynebidan Semotanis gadidebam Camoayaliba stabiluri
Tvalsazrisi ganakveTebis Semcirebis aucileb-lobis Sesaxeb, rac gadasaxadiT dabegvris bazis
aRdgenis SesaZleb-lobis saSualebas uzrunvelyofda. bunebrivia, rom aqcizebis Semci-rebis
pirdapiri Sedegi iqneba realur SemosulobaTa Semcireba produq-ciis erTeulze. am
SemTxvevaSi SesaZlebeli iqneba Tu ara sabiujeto SemosulobaTa aRdgena damokidebuli iyos
saSinao moTxovnis reaqciaze sagadasaxado da, maSasadame safaso cvlilebebze.
        ekonomikuri Teoriis Tanaxmad, saaqcizo ganakveTebsa da biuje-tur Semosavlebs Soris
urTierTkavSiris safuZvelia moTxovnis safaso elastiuroba. SedarebiT araelastiuri moTxovnis
dros (safaso elas-tiurobis maCvenebeli 1-ze naklebia), aqcizebis gadideba ar iwvevs saga-
dasaxado bazis Semcirebas, da, maSasadame, saxelmwifo Semosavlebisas, winaaRmdeg
SemTxvevaSi sagadasaxado Semosulobebi Semcirdeba ganakve-Tebis gadidebis kvalobaze.
        cxr. 2.16. aqcizebis ganakveTebi Rvinoze, ludsa da spirtze (wminda alkoholis 1 litrze),
f.st.
            Ludi(3,9%)        Rvino(12%)                          spirti(40%)
   1995           10,82          11,70                              20,60
   1996           10,82          11,70                19,78 (1995w. 28 noembridan)
   1997           10,82          11,70                18,99 (1996w. 26 noembridan)


        Tuki vivaraudebT, rom erTiani bazris zegavlena gamoixateba saSinao moTxovnis
safaso elastiurobis zrdaSi, alternatiuli baz-rebis meti xelmisawvdomobis Sedegad, maSin
yvelaze ufro SesaZle-belia, rom momxmareblebi, romlebic adre fasebis gadidebaze moxma-
rebul saqonelTa raodenobis an xarisxis cvlilebiT reagirebdnen, axla SeuZliaT SeinarCunon
moxmarebis uwindeli done, safaso zewolis importuli produqciiT kompensirebiT. amis Sedegad
mcirdeba maqsima-luri Tanxa, romlis miReba SeuZlia mTavrobas da gadasaxadis maqsima-luri
ganakveTi, romelic SeiZleba dawesdes.
        erTiani    bazris   zegavlena    safaso   elastiurobaze    praqtikaSi   mrava-li   faqtoriT
ganisazRvreba. kerZod, kerZo pirebisaTvis saqonelTa sxva qveynebidan Semotanis


                                                                                             - 88 -
SesaZlebloba damokidebuli iqneba sazRv-ridan maTi sacxovrebeli adgilis siSoreze, furgonis
arsebobaze, drois Se-darebiT Rirebulebaze da aseve saSinao an ucxouri warmoebis prod-
uqciisadmi stabiluri piradi mjobinebiT da kreditis miRebis SesaZ-leblobiT sabiTumo
SesyidvisaTvis.
       finansur gamokvlevaTa institutis mier Catarebul gaangariSebaTa Tanaxmad ludze da
Rvinoze moTxovna did britaneTSi arasakmarisad elastiuria imisaTvis, rom sagadasaxado
Semcirebis pasuxad produq-ciis Semotana Semcirda sabiujeto SemosulobaTa moculobis
gadide-bisaTvis saWiro donemde. spirtTan mimarTebaSi dadgenili iyo, rom arsebuli
ganakveTebi uzrunvelyofen maqsimalur Semosulobebs da aqcizebis Semdgomi gadideba
metadre gamoiwvevs Semosavlebis Semci-rebas, vidre maT zrdas. ramdenadac spirtze
moTxovnis safaso elas-tiuroba sakmaod maRalia, xolo masze arsebuli gadasaxadi fasis didi
nawilia, aqcizis ganakveTis Semcireba alkoholuri produqciis am saxeobaze, ludis an
Rvinosagan gansxvavebiT albaT ar gamoiwvevs Semcirebas, ise rogorc SemosulobaTa arsebul
zrdas. amrigad, spirt-Tan mimarTebaSi gaangariSebebi mowmoben gadasaxadiT realuri
dabegv-ris Semcirebis sasargeblod, Tumca aRniSnaven, rom fiskaluri efeqti mcire iqneba.
       rac Seexeba Rvinos, aqcizebis Semcireba Semosulobebze mniSvne-lovan zegavlenas
ver moaxdens, ramdenadac moTxovnis gadideba da SemosulobaTa Semcireba produqciis
erTeulze erTmaneTis kompensi-rebas moaxdens. ludTan mimarTebaSi, romelic xasiaTdeba
moTxovni-sadmi dabali safaso reagirebiT, imis gaTvaliswinebiT, rom arsebuli gadasaxadi
warmoadgens fasis mcire nawils vidre Rvinosi an spirtisa, aqcizebis realurma Semcirebam
SeiZleba gamoiwvios SemosulobaTa dacema saSinao moTxovnis gadidebis SemTxvevaSic ki.
       1996w. noembris biujetSi klarkma gayina ganakveTebi ludze da Rvinoze da Seamcira
aqcizi spirtze 4%-iT, ris Sedegad litri viski gaiafda TiTqmis 25 pensiT. 1997w. 1 ianvridan
aqcizebis gadideba sust alkoholur sasmelebze, romelic maT aTanabrebs ludis aqcizebTan,
mimarTulia konkurenciis aRdgenaze da am sasmelebis mimzidvelobis Semcirebaze
arasrulwlovnebisaTvis. arsebuli ganakveTebi Sedagenda 23,41 f.st-s (im sasmelebze, romelTa
alkoholis Semcveloba 1,2% da 4,0%-ia) da 42,14 f.st. (4%-5,5%) heqtolitrze ludis aqcizTan
SedarebiT Sesabamisad 43,28 da 59,51 f.st. aqcizebi ludsa da sufris Rvinoze uwindeli gaxda.
damatebiTi Semosulobebi alkoholur produqciaze aqcizebSi cvlilebisagan 1997/98 wels 140 mln
f.st-iT iyo Sefasebuli.
       Tvis pirvel biujetSi braunma gazarda aqcizebis ganakveTebi alkoholuri produqciis yvela
saxeobaze 3%-iT 1998w. 1 ianvridan, imis aRniSvniT, rom ganakveTebis gayinvisa da
Semcirebis Sedegad wina biu-jetebSi aqcizebi Semcirda 13%-iT spirtze da 5%-iT ludsa da
Rvinoze. leiboristi kancleri ar uaryofs iseTi faqtorebis zegavlenas, rogo-ricaa alko-holuri



                                                                                       - 89 -
produqciis aralegaluri warmoeba, kontrabanduli vaWroba, gadasaxadebis gadaxdisagan Tavis
arideba da saqonelTa Semo-tana sxva qveynebidan, magram varaudobs maTTan pirdapir
brZolas da ara ganakveTebis Semcirebis gziT.
       Tambaqos produqciis gadasaxadiT dabegvra reglamentirdeba 1979w. kanoniT
Tambaqos nawarmis aqcizebis Sesaxeb (Tobacco Products Duty Act 1979). aqcizebis
gadideba Tambaqoze samTavrobo programis, `janmrTeli erebi~-nawilia da ganixileba rogorc
mwevelTa raodenobis Semcirebis xerxi did britaneTSi. ganakveTebis yovelwliuri gadidebis
dapireba aranakleb 3%-iT realur gamosaxulebaSi gviCvenebs momxmarebelTa qcevis
sagadasaxado regulirebis magaliTs. magram saxelmwifo programis cxovrebaSi danergvis gzaze
seriozuli dabrkoleba gaxda erTiani bazris SemoReba evropis gaerTianebaSi. alkoholuri prod-
uqciis bazris situaciis analogiurad aRiniSneba Tambaqos nawarmis importis gadideba
evropidan, upiratesad safrangeTidan da belgiidan. kerZod, 50g belgiuri Tambaqos           fasi
daaxloebiT 2,5 f. st.-ia, did britaneTSi 8 f.st-Tan SedarebiT.
       imasTan dkavSirebiT, rom aqcizi Tambaqoze specifikuria, e.i. amoiReba masis
erTeulidan (1kg), warmoiSoba misi yovelwliuri indeq-saciis aucilebloba inflaciis Sesabamisad.
sigaretze wesdeba kombi-nirebuli ganakveTi, romelsac rogorc advaloruli (amoiReba procen-tuli
TanafardobiT Rirebulebisadmi), ise specifikuri Semadgenlebi gaaCnia. ukanasknelma king-
size-m sigaretebis bazarze dominireba gamoiw-via, romelic toqsikur nivTierebaTa did
raodenobas Seicavs standar-tuli sididis sigaretebTan SedarebiT. K
       danapirebis SesrulebiT aqcizebis gadidebis Sesaxeb 1996w. 26 noembridan klarkma
3%-iT gazarda ganakveTebi Tambaqos nawarmze inflaciis donis zeviT: 15 pensiT 20 caliani
sigaretebis kolofze, 7 pensiT 5 sigarian kolofze, 8 pensiT Tambaqos 25 gramian kolofze
CibuxisaTvis.
       braunma ara mxolod mxari dauWira konservatorebis mier gata-rebul politikas
Tambaqos nawarmis gadasaxadiT dabegvris Tval-sazrisiT, aramed kidev ufro Sors wavida
ganakveTebis yovelwliuri 5%-iani gadidebis gamocxadebiT realur gamoxatulebaSi. am
dapirebis faruli motivi, rogorc Cans, aqcizebis fiskaluri funqciis gadidebis amocanaa, magram
Tu ramdenad Sesruldeba igi mniSvnelovanwilad damokidebuli iqneba mTavrobis unarze
gaakontrolos ucxour saqo-nelTa Semotana. SemosulobaTa SefasebiTi zrda miRebul cvlilebaTa
Sedegad 1998/99 wels 160 mln f.st-s Seadgenda.
       britanuli saaqcizo sistemis mesame tradiciuli elementia sawva-vis dabegvra satransporto
saSualebebisaTvis. dReisaTvis sul ufro did mniSvnelobas iZens sawvavis da transportis
saSualebaTa gadasa-xadiT dabegvris ekologiuri aspeqti, romelic gamwvavda atmosferos
dabinZurebasTan dakavSirebiT.


                                                                                        - 90 -
         cxr. 2.17 aqcizebis ganakveTebi Tambaqos nawarmze
                                  28.11.95-dan         26.11.96-dan          1.12.97-dan
  sigaretebi % sacalo fasidan         20                      21                 21
  f.st. 1000 calze                   62,52                   65,97             72,06
  sigarebi (f.st.1kg,-ze)            91,52                   98,02             105,86
  mosawevi Tambaqo (f.st.            85,94                   87,74             87,74
  1kg-ze)
  Tambaqos sxva nawarmi              40,24                   43,10             46,55
  (mosawevi
  Cibuxis Tambaqos
  CaTvliT da
  saReWi Tambaqo) (f.st.
  1kg)


wyaro:HM Customs Si Excise, news releases, 26 november 1996,2July 1997
         paretos optimumis Tanaxmad, srulyofili konkurenciis pirobebSi uzrunveliyofa
resursebis   efeqtiani      ganTavseba,    romlis   drosac    SeuZ-lebelia   erTis    mdgomareobis
gaumjobeseba, sxvis mdgomareobis gauare-sebis gareSe. bazris funqcionirebis darRvevisas
warmoiSoba Tanamdevi efeqtebi, romelic dakavSirebulia saqonelTa da momsaxurebis war-
moebasa da moxmarebasTan. am SemTxvevaSi mwarmoeblebi da momxmar-eblebi
iTvaliswineben mxolod TavianT kerZo xarjebs da ara saerTo xarjebs, romlebic moicaven aseve
sazogadoebriv xarjebs. ase, maga-liTad, avtomanqanis individualuri mwarmoebeli amjobinebs
manqaniT mgzavrobas im SemTxvevaSi, Tuki damatebiTi milis gavlis xarjebi zus- tad am
damatebiTi milis gavlisagan miRebuli sargeblianobis toli iqneba. miuxedavad amisa, zRvruli
xarjebis gaangariSebisas mZRoli gaiTvaliswinebs am milis gavlis kerZo xarjebs, iseTs,
rogoricaa benzinis Rirebuleba an manqanis cveTa, magram ugulebelyofs sazoga-doebisaTvis
Tavsmoxveul damatebiT xarjebs. maSasadame, mZRoli met mils gaivlis, vidre alokaciuri
efeqtianobis Sesabamisad, rodesac zRvruli sargeblianoba zRvruli sazogadoebrivi xarjebis tolia.
im pirobebSi, rodesac sabazro sistema uunaro aRmoCndeba uzrunvelyos resursebis efeqtiani
ganawileba, SeiZleba saWiro gaxdes saxelmwifos Careva. sagareo efeqtebis koreqtirebisaTvis
mTavrobas SeuZlia sakano-nmdeblo da sagadasaxado RonisZiebaTa gamoyeneba. miuxedavad
imisa, rom gadasaxadiT dabegvra irib zegavlenas axdens, mas gansazRvruli upira-tesoba
gaaCnia, kerZod,stimuls aZlevs investiciebs garemos, dabin-Zurebis axali, SedarebiT iafi
meTodebis kvlevebsa da damuSavebebSi, uzrunvelyofs ra amiT did ekonomikur efeqtianobas.


                                                                                             - 91 -
       sagareo efeqtebis sagadasaxado koreqtirebis Tanamedrove pol-itika emyareba figus
koncefcias, romlis Tanaxmad dabinZurebis erTe-ulis gadasaxadiT dabegvra uzrunvelyofs
sazogadoebrivi xarjebis gaTvaliswinebas gadawyvetilebaTa miRebis procesSi. gadasaxadis
Semo-Reba, romlis sidide zRvrul sazogadoebriv da zRvrul kerZo xarjebs Soris gansxvavebis
tolia (TT 2.6 naxazze), iwvevs zRvruli kerZo xarjebis funqciis gadidebas imnairad, rom igi
emTxveva sazogadoebrivi zRvruli xarjebis funqcias. praqtikaSi es idea rTuldeba, jer-erTi
sagareo efeqtebis ramdenime tipis erTdrouli arsebobiT, romelTa mizezebi gansxvavebulia
(garemos dabinZurebasTan erTad SeiniSneba saavtomobilo gzebis gadatvirTulobisa da
dazianebis da aseve avariebis danaxarjebi), meore, sazogadoebrivi xarjebis sididis zusti
gansazRvris saimedo xerxebis arsebobiT.
       avtotransportis did britaneTSi arsebul gadasaxadeb-iT dabe-gvris sistemaSi SeiZleba
gamovyoT ori kategoria-flobis gadasaxadebi da gamoyenebis gadasaxadebi. imisgan
damoukideblad, gamoiyeneba Tu ara avtomanqana, mflobelebi ibegrebian avtotransportis
saSualebebis aqciziT (Vehicle Excise Duty (VED)). gamomyenebelTa gadasaxadis saxiT
gamodis sawvavis aqcizi (Fuel Duty).
       avtotransportis saSualebebTan mimarTebaSi sagadasa-xado politikis SemuSavebisas
gaiTvaliswineba sxvadasxva sagadasaxado gana-kveTis zegavlena saTbobis calkeul saxeobaTa
sacalo fasze, teqno-logiur damuSavebaTa danergvis sagadasaxado stimulirebis efeqtia-nobaze,
romelic amcirebs garemoSi gamonabolqvis mavne zemoqmedebas.
       evrokavSiris umetes qveynebSi araeTilirebul benzinze Sem-cirebuli aqcizebis
SemoRebis Sedegad eTilirebulTan SedarebiT (ase-ve damatebiT RonisZiebaTa miReba, iseTis
rigoricaa gadasaxadis Semcireba avtotransportis saSualebebze, romelTa gamonabolqvis toq-
sikuroba ar aWarbebs belgiaSi, daniaSi da niderlandebSi dawesebul normebs; germaniaSi
benzinis yvelaze ufro damabinZurebeli markis gayidvis akrZalva da did britaneTSi misi
SezRudva) araeTilirebuli benzinis bazris xvedri wili gaizarda, amasTan zogierT qveyanaSi
mniSvnelovnad.
       germaniaSi sagadasaxado gansxvavebaTa SemoReba benzinze kata-lituri konvertebis
danergvis saerTo programis nawilia, romelic mxolod araeTilirebul benzinze muSaobs, yvela
mavne Senarevebis gamofrqvevis Semcirebis mizniT, romelsac Seicavs gamonabolqvi gazebi.
did britaneTSi araeTilirebuli benzinis gamoyeneba stimulirdeba tyviiT dabinZurebis donis
Semcirebis mizniT. gadasaxadiT dabegvris ufro xelsayreli reJimi araeTilirebul benzinTan
mimarTebaSi eTi-lirebulTan SedarebiT moqmedebs aq 1987w. aprilidan. aTwleulis manZilze
araeTilirebuli benzinis sabazro wili gayidvaTa saerTo moculobaSi praqtikulad nulidan 63%-
mde gaizarda.1


                                                                                     - 92 -
---------------------------------
 1.     Taxes         on      Unleaded   Petrol,   Institute     for     Fiscal     Studieas
 (http:///www.ifs.org.uk)
          didi britaneTis konservatiuli mTavrobis mier mowo-nebul iqna programa `erovnuli
 haeris xarisxi~, romelic SemuSavda 2005 wlamde vadiT da iTvaliswinebda mavne
 nivTierebaTa gamofrqvevas atmosferoSi. konservatorTa ukanaskneli biujeti, romelSic kenet
 klarkma, romelsac mxars uWerda transportis ministri jorj iangi da garemos dacvis ministri jon
 humeri, warmoadgina RonisZiebaTa paketi, romelic mimarTuli iyo ufro sufTa sawvavis da
 Tanamedrove teqnologiaTa gamoyenebis stimulirebaze haeris xarisxis gasaumjobeseblad
 `ekono-mistis~ mier dasaxelebul iqna `yvelaze mwvane britanul biujetad~. dasaxelebul
 RonisZiebaTa Soris-aqcizebis Semcireba dabalxarisxian dizelis sawvavze da ekologiurad
 misaReb gazis sawvavze da aseve aqcizebis Semcireba satvirToebze, romelTa gamonabolqvi
 gazebi ar aWarbebs mavne SenaerTebis gansazRvrul raodenobas.
 1997w. maisidan aqcizebis Semcireba dabalxarisxian dizelis sawvavze litrze 1 pensiT (galonze
 5 pensiT) standartulTan Seda-rebiT, sawvavis ufro ekologiuri saxeobis gamoyenebis
 gafarToebas isaxavda miznad. gogirdis Semcveloba dabalxarisxian dizelis sawvavSi TiTqmis
 10-jer dabalia standartis axali teqnikuri doniT dasaSvebze. misi gamoyeneba Cveulebrivi Zravis
 mqone satvirToebSi mavne SenaerTebis gamofrqvevis 30%-iT Semcirebis saSualebas iZleva,
 xolo filtris imavdrouli gamoyenebiT-90%-sa. aqcizebis sxvadasxva ganakveTebis gamo-yeneba
 sacalo fasebis gamoTanabrebis saSualebas iZleva, romelic gadasaxadiT dabegvramde
 dabalgogirdovan dizelis sawvavze ufro maRalia, vidre standartulze.
          1996w. 26 noembridan 25%-iT (8 pensiT kilogramze) Semcirda aqcizi bunebrivi airis
 sawvavze. Txevadi da SekumSuli bunebrivi airi ekol-ogiurad ufro sufTaa benzinze da dizelis
 sawvavze, magram maTze ufro Zviria, ZiriTadad SekumSvis teqnologiis maRali Rirebulebis
 gamo. aqcizis Semcirebam 15%-iT 1995w. SesaZlebeli gaxada gazis fasis gamoTanabreba
 benzinisa da dizelis sawvavis fasTan, magram sakmarisad efeqtiani ar iyo mniSvnelovani
 damatebiT xarjebis gamo, romelic war-moiSoba axali saxeobis sawvavze gadasvlisas.
          ekologiurad ufro sufTa sawvavis gamoyenebisaTvis damatebiTi stimuli unda gaxdes
 aqcizebis momateba benzinis yvela saxeobaze, standartul dizelis sawvavze da aseve gazoilsa da
 mazuTze, 1993w. biujetSi miRebuli valdebulebis Sesabamisad,unda gaedidebinaT aqci-zebi
 Zravis sawvavze aranakleb 5%-iT weliwadSi realur gamoxatu-lebaSi atmosferoSi naxSirbadis
 dioqsidis gamonafrqvevis SezRudvis mizniT. erTob SesaZlebelia, rom dabalgogirdovani
 dizelis sawvavisa da gazis sawvavis gadasaxadiT dabegvris xelsayreli reJimis daweseba




                                                                                         - 93 -
Semqnis    pirobebs fasebis Sesamcireblad da SesaZleblobas miscems maT gaxdnen saTbobis
alternatiuli saxeobebi (ix.cxr.18)
       cxr. 2.18. aqcizebis ganakveTebi sawvavze
                                               28.11.95-dan    26.11.96-dan    2.07.07-dan
                                                 Pensebi        (pensebi)        (pensebi)
      eTilirebuli benzini             litrze       39,12          41,68           45,10
                                     galonze       177,84        189,48           205,03
   dabaleTilirebuli benzini           litrze       37,62          40,18           43,60
                                     galonze       171,02        182,66           198,21
    araeTilirebuli benzini            litrze       34,30          36,86           40,28
                                     galonze       155,93        167,57           183,12
       dizelis sawvavi                litrze       34,30          36,86           40,28
                                     galonze       155,93        167,57           183,12
           Gazoili                    litrze        2,33           2,5            2,581
                                     galonze       10,59          11,36           11,73
           mazuTi                     litrze        1,81          1,94             2,00
                                     galonze        8,23          8,82             9,09
          AVGA3                       litrze       19,56          20,84           22,55
                                     galonze       88,92          21,13           21,13
       Ggazis sawvavi                 litrze       28,17          21,13           21,13
                                     galonze
       wyaroebi: HM Customs Excise, news releases 26 November 1996, 2
July 1997
       1997 wels formirebuli leiboristuli mTavrobis mizani iyo 2010 wlisaTvis naxSirbadis
dioqsidis gamonafrqvevis 20%-iT Semcireba, rasTan dakavSirebiTac ivlisSi braunma
gamoacxada sawvavze aqcizebis yovelwliur 6%-ian Semcirebaze. leiboristebma aseve
ganacxades gazis sawvavze gadasaxadiT dabegvris ufro xelsayreli reJimis da saga-dasaxado
gansxvavebaTa SenarCunebaze dabalgogirdovan da standartul dizelis sawvavs Soris. 1987w.
biujetSi sagadasaxado ganakveTebi (aqcizi plus dRg) benzinze da dizelis sawvavze gazrdil iqna
litrze 4 pensiT, xolo ganakveTebi gazis sawvavze gayinul iqna. amrigad, politika sawvavis
gadasaxadiT dabegvris TvalsazrisiT, romelsac konservatorebi atarebdnen, mTlianobaSi
gagrZeldeba. damatebiTi Semo-sulobebi 1998/99 wels 230 mln f.st.iyo.1
       sxva faqtori (sawvavis ekologiur sisufTavesTan erTad), rome-lic gansazRvravda
dambinZurebel nivTierebaTa gamofrqvevis dones, Zravis sawvavis ekonomiurobaa: avto-


                                                                                       - 94 -
 manqanebis mier sxvadasxva raoden-obis sawvavis gamoyeneba erTnairi manZilis gasavlelad
 iwvevs haeris dabinZurebis sxvadasxva xarisxs. rac Seexeba benzinis ZraviT momuSave
 avtomanqanebs, mavne SenaerTebis done gamonabolqv gazebSi aseve damo-kidebulia
 gamwmendi mowyobilobis gamoyenebaze, kerZod katalitikur konvertorze. magram dReisaTvis
 didi britaneTi erTaderTi qveyanaa dasavleT evropaSi, sadac aqcizebi msubuq avtomanqanebze
 da mcire-tiraJian satvirToebze erTnairi ganakveTiT amoiReba miuxedavad Zravis
 moculobisa an avtomanqanis wonisa (1997/98-145 f.st. weliwadSi). gansx-vavebuli
 ganakveTebi moqmedebs mxolod satvirTo avtotransportze, mis wonaze damokidebulebiT.
          1995 wels garemos dabinZurebasTan brZolis samefo komisiaSi aucileblad CaiTvala
 avtomanqanebze aqcizis diferencireba saTbobis ekonomiurobis safuZvelze, amas aseve
 daTanxmda         im     dros        opoziciaSi   myofi   leiboristuli   partia.   diferencirebuli   aqcizis
 SemuSavebisaTvis aucilebeli informacia grovdeboda avtomanqanebis yovelwliuri teqni-kuri
 dTvalierebis msvlelobaSi, romlis nawili gamomuSavebuli gazebis toqsikurobis Semowmebas
 Seadgens. magram es aqcizic idealuri sagadasaxado instrumenti rodia, ramdenadac erTnairi
 avtomanqanebis mflobelebi erTnair Tanxas gadaixdian wlis manZilze gamoyenebuli sawvavis
 raodenobisagan damoukideblad. garda amisa, igi ar iTval-
-----------------------------------
1. Customs Si Execise, 2 July 1997(http://www.hm-treasury.gov.uk)
 iswinebs sawvavis ekonomiurobis Semcirebis tendencias manqanis cveTis kvalobaze da aseve
 stimuls ar aZlevs katalitikuri konvertorebis gamoyenebas.
          aqcizis diferenciaciis gzaze pirveli nabiji mavne minarevebis gamoyofis raodenobisagan
 damokidebulebiT gaxda 1996w. noembris biu-jetSi gamocxadebuli 1998w. dasawyisidan
 aqcizis ganakveTis Semcireba satvirToebze, romelTa gamonafrqvevis toqsikuroba ar aWarbebs
 gansaz-Rvrul dones. es cvlileba mimarTulia dizelisZravian satvirToebze filtrebis dayenebis
 stimulirebaze an bunebrivi gazis gamoyenebaze gadasvlasTan. rogorc Cans, efeqtianobis
 uzrunvelsayofad sasurvelia damatebiT RonisZiebaTa miReba, ramdenadac filtrebis Rirebuleba
 2500-dan 4000 f.st. Seadgens, satvirTos gadaiaraReba bunebrivi gazis gamosa-yeneblad-2000-
 dan 10000 f.st-mde, xolo gaziT gasamarTi sadgurebis raodenoba 100-s ar aWarbebda.
 miuxedavad amisa, gansazRvruli nabiji gadaidga problemis gadaWraSi, xolo saboloo Sedegi
 damokidebuli iqneba mocemuli politikis gatarebis Tanmimdevrulobaze.
          gadasaxadebis garemos dabinZurebis Semcirebis mizniT gamoyenebis sakiTxis farTo
 ganxilvis msvlelobisas gaformda `ormagi dividendis~ koncefcia. imis gaTvaliswinebiT, rom
 ekologiuri gadasaxadebis Ziri-Tadi funqciaa sabazro meqanizmis funqcionirebis koreqtireba,
 `pir-veli dividendis~ qveS igulisxmeba momxmarebelTa mier miRebuli sar-geblianoba


                                                                                                      - 95 -
    garemos mdgomareobis gaumjobesebisagan, romelic aWarbebs, maT danakargebs fasebis
    gadidebisagan gansazRvrul saqonelze.
           `meore dividendis” formireba SesaZlebeli xdeba ekologiuri ga-dasaxadebisagan
    miRebuli Semosavlebis gamoyenebisas sxva gadasaxa-dis Semcirebis mizniT, romelic
    resursebis ganawilebis meqanizmis def-ormirebas iwvevs. amis Sedegad, garemos imavdroul
    gaumjobesebasTan erTad izrdeba sagadasaxado sistemis efeqtianoba, e.i. iseTi ekono-mikuri
    aspeqtisa, romelic pirdapir dakavSirebuli araa garemosTan. kerZod, igulisxmeba, rom aqcentis
    gadaadgilebiT `Sromis~ gadasaxadiT dabegvridan, `miwis~ gadasaxadebze SeiZleba miRweul
    iqnes dasaqmebis e.w. ormagi dividendi. aseT politikas atarebs Tanamedrove periodSi Cr-
    diloeT evropis zogierTi qveyana (ix.cxr.2.19). mocemuli koncefciis erT-erTi xarvezia imisi
    albaTobis gamoricxvis SeuZlebloba, rom ar-sebuli gadasaxadis Secvla ekologiuriT zegavlenas
    ar moaxdens ga-dawyvetilebis miRebis procesze momxmareblebis da mwarmoeblebis mier.
           cxr. 2.19 ekologiuri gadasaxadebi CrdiloeT evropaSi
q    qveyana              ekologiuri          gadasaxa-debis    sagadasaxado Semcirebebi
                          SemoReba
D dania                   naxSirbadis        da       gogird-   saSemosavlo      gadasaxadi     da
                          is gadasaxadebi,        gadasa-xadi   damqiravebelTa        Sena-tanebi
                          narCenebis damarx-vaze                socialuri dazRv-evis fondSi
S SvedeTi                 naxSirbadis, gogirdis da azotis       saSemosavlo gadasaxadi
                          gadasaxadebi
N norvegia                naxSirbadis        da      gogirdis   saSemosavlo    da   korpo-raciuli
                          gadasaxadebi                          gadasaxadebi
           wyaro: Issues in Indirect and Environmental Taxation, IFS, 1996
           didi britaneTis konservatiuli mTavroba ar Cqarobda `mwvane~ gadasaxadis
    SemoRebas, miuxedavad jer kidev 1990w. dapirebisa1 gamoeye-
nebina sagadasaxado instrumentebi garemos dacvis mizniT. pirveli 1994w. gamocxadebuli
namdvili Zveli `mwvane~ kanoni-narCenebis damarxvis gadasaxadi (tandfill tax)- SemoRebul
iqna mxolod 1996w. oqtomberSi.
           gadasaxadi SemuSavebul iqna garemos dabinZurebis Semcirebis mizniT, rac
    dakavSirebuli iyo narCenebis damarxvasTan. damarxvis Rirebulebis gadidebam narCenebis
    moSorebis sxva formebTan SedarebiT, jer-erTi stimuli unda misces ekologiurad ufro sufTa
    formebze gadasvlas, iseTis, rogoricaa dawva da, meore, rac ufro arsebiTia, gamoiwvios
    narCenebis Semcireba da maTi gadamuSaveba.




                                                                                              - 96 -
          gadasaxadis SemoRebas win uZRoda xangrZlivi konsultaciebi, romelTa msvlelobaSi
 Tavdapirveli winadadeba advaloruli gadasa-
xadis dawesebis Sesaxeb ar iqna miRebuli ekologiuri standartebis SesaZlo Semcirebis safrTxis
gamo. sabolood miRebul iqna speci-fikuri gadasaxadi, romelic emyareboda narCenebis wonas.
narCenebis saxeobidan gamomdinare arsebobs gadasaxadis ori ganakveTi: 2 f.st. 1t.
---------------------------------
1. 1990 White paper This Common Inheritance


araaqtiur (miwis aramomwamvleli) da 7 f.st. aqtiur narCenze. yovel-wliuri Semosulobebi,
romlebic 450 mln f.st. unda yofiliyo, unda gamoeyenebinaT damqiravebelTa Senatanebis
SemcirebisaTvis socialuri dazRvevis fondSi. narCenebis damarxvis gadasaxadis SemoReba,
romelic miRebul iqna mxolod garemos dacvis mizniT, gansazRvruli nabiji gax-da britanuli
ekologiuri sagadasaxado politikis formirebis gzaze.
          sxva aqcizebis amoReba-azartul TamaSebze (Betting and Gaming Dutes) da
 aviamgzavrebidan (Air Passenger Duty)-xorcieldeba wminda fiskaluri funqciiT, igi
 mimarTulia zemogebis amoRebaze, romelic miiReba saaTamaSo biznesSi. 1997w. 1
 oqtombramde aqcizi amoiReboda licenzirebis safuZvelze xolo Semdeg eqvsTviani licenziebis
 gacema Seicvala dRg-s analogiuri, registraciis sistemiT, ramac gaafarTova sabaJo
 gadasaxadebis da aqcizebis sammarTvelos funqciebi gadasa-xadebis gadaxdisagan Tavis
 aralegalur aridebasTan brZolaSi.
          saTamaSo biznesis gadasaxadiT dabegvra ZiriTad aqcizTan erTad azartul TamaSebze
 moicavs aseve totalizatorul gadasaxads, rome-lsac bukmekerebi ixdian ganakveTis Tanxisagan.
 garda amisa, did bri-taneTSi, iseve, rogorc qveynebis umetesobaSi, regularulad tardeba
 erovnuli latareebi. pirveli Catarda 1569w., xolo ukanaskneli Semo-Rebul iqna 1994w.
 noemberSi. gadasaxadi gadaixdeba latareis opera-toris-kompania Camelot-is mier 12%-iani
 ganakveTiT.
          aqcizi aviamgzavrebze moqmedebaSi Sevida 1994 wlis 1 noembridan. 1994w. safinanso
 kanonis Tanaxmad igi amoiReba sabaJo gadasaxadebisa da aqcizebis sammarTvelos mier
 aviakompaniebidan britanuli aeroporti-dan gafrenil yovel mgzavrze. gamonaklisi keTdeba 2
 wlamde asakis bavSvebze, romlebic calke adgils ar ikaveben da aseve 19 kacze naklebi
 tevadobis TviTmfrinaviT gadafrenaze 10 tonaze naklebi woniT. aqcizi amoiReba erTjer
 ukugadafrenis ganxorcielebisas (magaliTad, manCesteri-glazgo-manCesteri) da ar amoiReba
 im SemTxvevaSi, Tuki britanuli aeroporti mxolod gadajdomis punqtia saerTaSoriso gafrenaTa
 ganxorcielebisas da aq yofnis dro aWarbebs 24 saaTs. ganak-


                                                                                      - 97 -
 veTi damokidebulia mgzavris daniSnulebis ukanasknel punqtze: Tavdapirvelad, qveynis SigniT
 gadafrenebze, evropis ekonomikur zonaSi1 da rig kunZulebze2, ganakveTi dawesebul iqna 5
 f.st. doneze; danarCen qveynebSi-10f.st. 1996w. noembris biujetSi moxda ganakveTebis pirveli
 gadideba: 10 f.st-mde gadafrenebze didi britaneTis farglebSi da 20 f.st-mde sxva gadafrenebze.
 ganakveTebis gadideba gadadebul iqna 1997w. 1 noembramde, im mizniT, rom
 turoperatorebisaTvis dro miecaT, raTa axali ganakveTebi gaeTvaliswinebinaT sareklamo
 bukletebSi dabeWdil fasebSi. damatebiTi Semosulobebi am cvlilebebisagan 385 mln f.st. unda
 yofiliyo pirvel wels.
           aqcizis msgavsi SemoRebis reJimebi, sabazo ganakveTebis gansazRv-ris pirobebi da
 akrefis xerxebi moqmedebs sabaJo gadasaxadebTan mimarTebaSi. ganmsazRvrelia saqonelTa
 warmomavloba-evrokavSirSi ar-
 Semavali qveynebidan importi ibegreba sabaJo gadasaxadiT, britanuli warmoebis saqoneli-
 aqcizebiT. gadasaxadebis amoReba xorcieldeba erTiani sabaJo tarifis Sesabamisad, romelic
 miRebulia evrogaerTia-nebaSi, amasTan Semosavlebis ZiriTadi nawili gadairicxeba evrogaer-
 Tianebis biujetSi.
           mlianad, iribi gadasaxadiT dabegvra did britaneTSi 80-iani da 90-iani wlebis pirvel
 naxevarSi ganisazRvreboda, pirvel rigSi Semo- savlebze gadasaxadebis SemcirebaTa
 dafinansebis amocaniT. imavdro-ulad warmoebda iribi gadasaxadebis maregulirebeli rolis
 gaZli-ereba.
           konservatiuli mTavrobis mier erTnaxevari aTwleulis manZilze Tanmimdevrul gatarebul
 rig RonisZiebaTa Sedegi gaxda sagadasaxado
------------------------------------------
           1. avstriaSi, saberZneTSi, norvegiaSi, belgiaSi, islandiaSi, por-tugaliaSi, daniaSi,
 irlandiaSi, espaneTSi, fineTSi, italiaSi, SvedeT-Si, safrangeTSi, luqsemburgSi, germaniaSi,
 niderlandebSi da aseve baz-elsa da JenevaSi gadafrenaze, romelic safrangeTis sazRvarTan
 imyo-feba.
           2. kunZul menSi, normandiis, kanaris, azoris kunZulebze, gibr-altarze, fesaris da
 zogierT sxva kunZulebze.




 struqturis transformacia iribi gadasaxadiT dabegvris mxares. ise rogorc leiboristebis
 winasaarCevno programa, ise xelisuflebaSi mosvlis Semdeg pirveli Tveebis manZilze
 ganxorcielebuli Ronis-Ziebebi imaze miuTiTeben, rom mocemuli tendencia SenarC-unebuli
 iqneba.



                                                                                         - 98 -
                        Tavi mesame


gadasaxadiT dabegvris aqtualuri                           problemebi                  did
                    britaneTSi
       $1         danazogebisa            da         investiciebis          sagadasaxado
                 stimulireba


       80-iani wlebis meore naxevarSi rig ganviTarebul qveynebSi serio-zuli SeSfoTeba
gamoiwvia kerZo investiciaTa moculobis gadidebam. situacia gamwvavda am periodSi
dafiqsirebul, mosaxleobis `daberebis~ problemasTan dakavSirebiT. sakiTxma imis Sesaxeb, Tu
demografiuli cvlilebebi ranair zegavlenas moaxdenen socialuri uzrunvelyofis sistemis
funqcionirebaze momavalSi, mravalricxovani kamaTi gamoiwvia danazogebis saxelmwifo
stimulirebis aucileblobis Sesaxeb, maT Soris sagadasaxado RonisZiebebisa.
       danazogebis saxelmwifo stimulirebis sasargeblod arsebobs sakmaod didi raodenobis
argumentebi: wminda Teoriuli daSvebebidan, romelic emyareba ubralo paternalizms-Tuki
saojaxo meurneobebs uflebas mivcemT imoqmedon cxovrebis samuSao periodis manZilze
maTi mjobinebebis Sesabamisad, isini naklebs dazogaven, vidre saWiroa cxov-rebis donis
SenarCunebisaTvis pensiaze gasvlis Semdeg-fsiqologiur hipoTezamde, romelic gulisxmobs,
rom danazogebis ukmarisoba dakavSirebulia adamianis mentalitetTan, saxeldobr, TviTkontrolis
ukmarisobasTan, rac ewinaaRmdegeba danazogebis `optimalurobas~ neo-klasikuri gagebiT.
sxva daskvnis Tanaxmad, daxmarebaTa da socialuri uzrunvelyofis misacemlebi saojaxo
meurneobebs saSualebas aZleven umeteswilad daeyrdnon daxmarebebs da ar uzrunvelyon
TavianTi Tavi damoukideblad im SemTxvevaSi, Tuki danazogebi waxalisebuli ar iq-neba.
amrigad, danazogebis stimulireba socialuri xarjebis gadidebis Yproblemas naklebmwvaves
xdis, ramdenadac is vinc sakmaod maRal Semosavals Rebulobda sicocxlis manZilze, SeuZlia
uzrunvelyos sakuTari Tavi sibereSi.
       danazogebis stimulirebas did mniSvnelobas aZlevs `saxalxo ka-pitalizmis~ Teoria,
romelic amtkicebs, rom ekonomikuri Sedegebi SeiZ-leba gaumjobesebul iqnens im adamianTa
ricxvis gadidebiT, romlebic pirdapir monawileoben ekonomikur saqmianobaSi aqciebis flobis
gziT. tradiciulad iTvleba, rom daxurul ekonomikaSi saSinao danazogebis dones gansazRvravs
mogeba investirebul da, maSasadame aqcionerul kapitalze, magram maTi roli mcirea britaneTis
msgavs Ria ekonomikaSi, da arc ise SesamCnevia.



                                                                                     - 99 -
          sagadasaxado        stimulirebis       efeqtianobis   TvalsazrisiT    eWvebi       dakavSirebulia
 danazogebis        sxvadasxva         formaTa      gadasaxadiT    dabegvris      sxvadasxva      reJimebis
 moqmedebasTan.          idealurma       sagadasaxado     sistemam    ar   unda    daamaxinjos     saojaxo
 meurneobaTa        arCevani         axlandeli   moxmarebis     TvalsazrisiT,     momavali     moxmarebis
 sawinaaRmdegod, maSasadame, gadaw-yvetilebebi aqtivebis gankargvaze, romlebic emyareba
 gadasaxadis gad-axdamdel da gadaxdisSemdgom Sefasebas, erTnairi unda iyos. amrigad,
 sagadasaxado stimulirebis mniSvnelovani amocanaa saojaxo meur-neobebisadmi danazogebis
 nawilis im formiT flobis SesaZleblobis micema, romelzec sagadasaxado sistema neitralurad
 moqmedebs.
          danazogebis sagadasaxado stimulireba gamoiyeneba umetes qveynebSi.1 ukanasknel oc
 weliwadSi `didi Svideulis~ qveynebidan
----------------------------------
  1. pirveli damzogavi sqemebi SemoiRes aSS-Si, sadac 1982w. nebismier moqalaqes SeeZlo
 bankSi individualuri sapensio angariSis gaxsna (individual Retirement Account
 (IRA)). am angariSze yovelwliuri Senatanebi 2000 dolaramde, akldeboda gadasaxadiT
 dasabegr Semosa-vals. sargebeli aseve ar ibegreboda gadasaxadebiT, magram saxsrebis
 vadamdeli gamoyenebisaTvis amoiReboda jarima 10%. am angariSze gan-Tavsebuli saxsrebi
 SeiZleba investirebul iqnes sabanko angariSebSi, fasian qaRaldebSi, urTierTdaxmarebis
 fondebSi da sx. 1986/87ww. Semo-Rebul iqna sxvadasxva SezRudvebi, rac dakavSirebuli iyo
 moqalaqis mTlian SemosavalTan an sxva sapensio uzrunvelyofis arsebobasTan.


          mxolod italias ar SemouRia aranairi damzogveli sqema gada-saxadiT dabegvris
 SeRavaTiani reJimiT. did britaneTSi, sadac sxvada-sxva SefasebebiT 80-iani wlebis meore
 naxevarSi danazogebi yvelaze dabal doneze aRmoCnda ukanaskneli oci wlis manZilze,
 SemuSavebul da SemoRebul iqna SeRavaTiani damzogavi sqemebi, romelTa Soris Ziri-Tadia:
 investiciebis piradi gegma aqciebSi (Personal Equity Plans(PEP), specialuri
 saSemnaxvelo angariSi, romelic ar ibegreba gadasaxadiT (Tax Exempt Special Savings
 Accounts (TESSA)), sawarmoTa sainvesticio
 sqema (Enterprize Investment Scheme), romelic mogvianebiT Seicvala biznesis
 gafarToebis sqemiT (Business Expansion Scheme(BES)) da sapensio uzrunvelyofis
 kerZo programa (Private Personal Pensi-ons(PPP)).
          investiciebis piradi gegmis aqciebSi Setanis Sesaxeb kanclerma nigel lousonma
 ganacxada 1986w. martSi,rom 1987w. ZalaSi Sesuli programa waxalisebas aZlevda 6000 f.st.



                                                                                                    - 100 -
Tanxas weliwadSi gansaz-Rvruli sagadasaxado SeRavaTebis gavrcelebiT. 1989 wels saerTo
gegmasTan erTad gamoCnda calkeul kompaniebSi investiciebis gegmebi, ramac Seqmna
damatebiT dabandebaTa SesaZleblobebi yovelwliurad 3000 f.st. TanxiT. gadawyvetilebebi
investiciebis TvalsazrisiT SeiZleba miRebul iqnes rogorc kerZo meanabris, ise specialuri
adminis-tratoris mier, romelic gegmebis koordinacias eweva. dividendebi da kapitalis namati
am sqemis farglebSi Tavisufldeba gadasaxadiT dabegvrisagan. aqciebSi investiciaTa piradi
gegmis saxsrebis daban-debisas yvelaze meti upiratesoba eZlevaT maRali zRvruli saga-
dasaxado ganakveTis mqone gadasaxadis gadamxdelebs. 1992w. ianvarSi investiciebis piradi
gegmebi gavrcelebul iqna evrogaerTianebis kompaniaTa aqciebze.
       pirvel wlebSi meanabreTa ricxvis zrda (200000-mde yovelw-liurad) SezRuduli iyo
investirebis sakmaod mkacri wesebiT. 90-iani wlebis dasawyisSi minimaluri vadis gauqmebam,
romlis ganmavlobaSi anabrebi ar SeiZleboda amoRebuliyo, ufro diversificirebuli aqtive-
bis formirebis SesaZleblobis micemam da aseve saerTo gegmebis xvedri wilis gadidebam,
romelTac marTavdnen sainvesticio an sapaio fondebi 50-dan 100%-mde, uzrunvelyves
mocemuli sqemis mier ganxorcielebuli investiciebis zrda 1993.94ww. gegmebis raodenobam
1,6 mln-s miaRwia,da orjer gaizarda wina welTan SedarebiT. saerTo gegmebis raodenoba
1995/96 wels TiTqmis 7,2 mln-s Seadgenda, xolo calkeul kompaniebSi investiciebis gegmisa-
0,9 mln-s. maTi mixedviT miRebul iqna 26 mlrd da 2,2, mlrd f.st., Sesabamisad. 1993 wlidan
yovelwliuri zrda 5 mlrd-s Seadgens. saSinao gadasaxadebis sammarTvelos SefasebiT
sagadasaxado xarjebma programis moqmedebis pirvel wels 1 mln-ze naklebi f.st. Seadgina,
gaizarda 450 mln f.st-mde 1995/96 wels da 600 mln f.st-mde 1996/97 wels.
       specialuri saSemnaxvelo angariSi, romelic ar ibegreboda gada-saxadiT, warmodgenil
iqna jon meijoris mier sabiujeto sityvaSi, 1990w. martSi, rogorc `absoluturad axali~
sagadasaxado instrumenti, rome-lic SemuSavebul iqna danazogebis stimulirebisaTvis. 1991w.
ianvar-Si moqmedeba daiwyo specialurma angariSebma bankebsa da samSeneblo orga-
nizaciebSi, romelic saSualebas aZlevda nebismier 18 welze uxnes pirs 9000 f.st-mde investicia
ganexorcielebina 5 wlis manZilze. dari-cxuli sargebeli ar ibegreba gadasaxadiT, im pirobiT,
rom anabrebi angariSze darCeba 5 wlis manZilze. daiSveba ZiriTadi Tanxis vadamdeli
amoReba, magram am SemTxvevaSi sagadasaxado SeRavaTi ar moqmedebs. xuTi wlis
dasrulebisas angariSi SeiZleba gadaforme-bul iqnes Semdeg vadaze.
       am sagadasaxado SeRavaTis moqmedebis potenciuri Sedegi umniSv-neloa. ase,
magaliTad, sabazo ganakveTiT gadasaxadis gadamxdeli-saTvis, romelsac angariSze 9000 f.st.
gaaCnia,   ukanasknel   wels,   5%-iani   ganakveTis    drois   ekonomia   90   f.st.    iqneba
(9000×5%×20%), amasTan, wina wlebSi miRebuli upiratesobebi kidev ufro naklebi



                                                                                         - 101 -
aRmoCndeba. miuxedavad amisa, ramdenime wlis manZilze angariSTa raodenoba mkve-Trad
gaizarda. saSinao Semosavlebis sammarTvelos monacemebiT 1995w. bolosaTvis gaxsnil iqna
anabrebi 28 mlrd f.st-ze meti saerTo TanxiT, amasTan, angariSi gaaCnda yovel meeqvse
zrdasrul adamians. xazinis Sefasebuli sagadasaxado xarjebi daaxloebiT 400 mln f.st-s Seadgens
weliwadSi.
       unda aRiniSnos, rom angariSebis raodenobis zrdis kvalobaze xorcieldeba meanabreTa
struqturis cvlileba. sqemis moqmedebis pirvel wels saojaxo meurneobaTa kvartilis mxolod 1%-
s umciresi danaxarjebiT gaaCnda angariSi, maRali Semosavlebis mqone saojaxo meurneobaTa
kvartilebis 14%-Tan SedarebiT. magram 1994/95 wels maC-venebeli qveda jgufis mixedviT
4,5 jer gaizarda, maSin rodesac zeda kvartilSi angariSis mqone saojaxo meurneobaTa zeda
kvartilis xvedri wili mxolod sanaxevrod gaizarda. amis Sedegad, Tanamedrove periodSi
angariSebi sxvadasxva Semosavlis mqone jgufebs Soris nawildeba ufro Tanabrad, vidre
Tavdapirvelad. miuxedavad amisa, angariSebis zrdis tendencia Semosavlebis gadidebis
kvalobaze narCundeba, Tumca ufro naklebi dinamikiT. Tuki 1991 wels meanabreTa 79,1%
Sedioda pirvel zeda naxevarSi da 54,7% yvelaze didi Semos-avlebis jgufSi, 1994/95 ww. es
proporciebi Semcirda 69,9% da 41,1%-mde Sesabamisad (ix.cxr.3.1.)
       cxr. 3.1. angariSis mqone saojaxo meurneobaTa xvedri wili Semosavlis donis
mixedviT
                              1 1991(%)   1992 1992(%) 19931993/94(%)         1994/95(%)
                                 %               %                 %
 Kvartili         umcir-esi      1,02            3,71       4,29       4,29       4,52
 danaxarjebiT
 meore kvartili                  4,31     7,01                   9,69            11,26
 mesame kvartili                 6,24            11,87      1      14,09         15,00
 Kvartili yvelaze maRali 14,00                   18,44      20     20,86         21,75
 SemosavlebiT
   wyaro: FES Household Data, 1991-1999
       gadasaxadis gadamxdelTaTvis yvelaze efeqtiania kerZo sapensio uzrunvelyofis
programa, romlis mixedviT sagadasaxado SeRavaTi eZl-eva gadasaxadis gadamxdels zRvruli
ganakveTis mixedviT gansazRvrul sapensio fondebSi Senatanebze. magram saxsrebis
dabandebis Sedegad miRebul da dadgenil Tanxaze meti Semosavali ibegreba rogorc gamo-
muSavebuli. 1989w. dawesebul iqna xelfasis zRvari, romlis mixedviTac gaiangariSeba pensia,
romelic zRudavs sagadasaxado SeRavaTis moqmed-ebis sferos. inflaciis Sesabamisad
indeqsirebadi es zRvari 1989w. 60000 f.st-dan, gaizarda 84000 f.st-mde 1997wels. Senatanebis


                                                                                     - 102 -
sidide, romel-zec vrceldeba sagadasaxado SeRavaTis moqmedeba, SezRudulia xelfas-is
procentebSi da iTvleba asakisagan damoki-debulebiT (ix.cxr.3.2.)
       cxr. 3.2. Senatanebis SezRudvebi pensiebis mixedviT, rom-elTa mimarTebaSi
moqmedebs sagadasaxado SeRavaTi
       Asaki            xelfasis procenti, romelic SeiZleba Setanil iqnes sagadasaxado wels
       16-35                                         17,5
       36-45                                          20
       46-50                                          25
       51-55                                          30
       56-60                                          35
     61 da meti                                       40


       wvril kompaniebSi kapdabandebaTa waxalisebis mizniT 1983 wels SemuSavebul iqna
biznesis gafarToebis specialuri sqema, romelic 1994 wels Seicvala sawarmoTa sainvesticio
programiT. orive sqema uzrunvelyofda dabandebebs britanul kompaniaTa aqciebSi, romelic ar
kotirdeboda birJaze. pirvelisagan gansxvavebiT sawarmoTa sainvesti-cio programa SeRavaTs
sTavazobs 20%-iani ganakveTiT, da ara gadas-axadis gadamxdelis zRvruli ganakveTiT da,
garda amisa, vrceldeba kerZod arendirebul sacxovrebel binaze investiciebze. gadasaxadiT
dabegvris msgavsi reJimi dawesebulia sabinao fondebisaTvis (Venture Xapital Trust
(VCT)), romelTa mizania kompaniaTa nasesxebi kapitalis gadideba, romelic birJaze ar
kotirdeba.
       piradi danazogebis mniSvnelovani nawili modis sabinao fondebSi Senatanebze. jer-
erTi,qonebis Rirebulebis nebismieri gadideba, im pirobiT, rom es sakuTreba aris fizikuri piris
ZiriTadi sacoxvrebeli adgili, Tavisufldeba gadasaxadiT dabegvrisagan kapitalis matebaze.
meore, miwis mesakuTre SeRavaTs Rebulobs giravnobis sigelidan miRebul sargebelze
wyarosagan (mortgage interest         222 at source (MMY-RAS)), romelic amcirebs
misacemlebis Tanxas. fasCamokleba (SeRavaTi) xorcieldeba wyarosagan, rac niSnavs
kreditoris mier fasCamoklebis (SeRavaTis) Tanxis kompensacias xazinaSi, romelic, Tavis
mxriv, amci-rebs    giravnobis sigelis mixedviT misacemlebis Tanxas. amrigad, Tumca es
fasdakleba teqnikurad saSemosavlo gadasaxadidan fasdaklebaa, magram faqtobrivad igi
amcirebs giravnobis mixedviT misacemlebis Tanxas da ara gadasaxadis Tanxas, romelic sesxis
gadamxdelebma unda gadaixadon. sinamdvileSi, mosesxeebi fasdaklebas Rebuloben girav-
nobis mixedviT miRebuli sargeblis wyarosagan im SemTxvevaSic, Tuki ar gaaCniaT
sagadasaxado valdebulebebi. Tanamedrove periodSi fasdak-leba 15%-ia giravnobis sigelis


                                                                                       - 103 -
mixedviT pirveli 30000 f.st. Tanxidan gadaxdili sargeblis mixedviT. zRvruli Tanxa, romelzec
fasdakleba xorcieldeba, fiqsirebulia nominalur gamoxatulebaSi 1983 wlidan, maSasadame,
dReisaTvis fasdaklebis realuri Rirebuleba Semcirda, ramac Seamcira danazogebis am formis
mimzidveloba. 1997w. ivlisis biujetSi SeRavaTi (fasdakleba) Semcirda 10%-mde 1998w.
Aaprilidan.
       amave biujetSi gordon braunma ganacxada 1999 wlidan axali sqemis-individualuri
saSemxanvelo angariSis SemoRebis Sesaxeb, romelic gaafarToebs aqciebs. sagadasaxado
SeRavaTebi iseTnairad gaicema, rom pirvel rigSi stimuli mieces dabali Semosavlebis mqone
saojaxo meurneobaTa anabrebs.
       saSemnaxvelo sqemebis efeqtianoba, romelzec vrceldeba gadasa-xadiT dabegvris
SeTavaTiani reJimi, damokidebulia ramdenime faqto-risagan. saojaxo meurneobebs SeuZliaT
danazogebis dagroveba rigi mizezebis gamo: jer-erTi, dabali Semosavlebis ganWvretadi
periodebis uzrunvelsayofisaTvis (magaliTad, pensiaze gasvla) an maRali samom-xmareblo
xarjebis uzrunvelsayofad (magaliTad, bavSvebisaTvis); meo-re, gauTvaliswinebeli dabali
Semosavlebis sawinaaRmdegod gafrT-xilebis RonisZiebis saxiT (magaliTad, samuSaos
dakargva (magaliTad, avadmyofobis SemTxvevaSi), da mesame, imitom rom danazogebis
formaTa umetesobas mogeba moaqvs, romelic gadawonis dakarguli mimdinare gasavlebis
danaxarjebs.
       danazogebis Semosavlis donisagan damokidebulebiT ganawilebis Sesaxeb empiriuli
monacemebi imaze mowmoben, rom Semosavlis Semci-rebis kvalobaze saojaxo meurneobaTa
danazogebi umeteswilad konc-entrirdeba sargeblis momtan angariSebze, da aseve erovnul
danaz-ogebSi1(ix.cxr.3.3.). yvelaze ufro mdidari 5% saojaxo meurneobaTa portfelebi
mniSvnelovnad gansxvavdebian danarCeni          95%-sagan imiT, rom upiratesad Seicaven
daballikvidur maRalSemosavlian aqtiv-ebs (aqciebi da pirveli klasis fasiani qaRaldebi).
       cxr. 3.3. danazogebis formebi Semosavlebis donisagan damok-idebulebiT
mosaxleobis xvedri wili spec.      saSemna- angariSis   piradi     Aaqcie- erovnuli            sxva
simdidris          donis xvelo       angar- procenti    sainves-    bi          danazogebi
mixedviT (%)             iSebi,     romel-ic            ticio
                         ar      ibegr   eba            gegmebi
                         gadasaxa-diT
       umdidresi 1                 1,0          13,2        5,5          47,8       15,2        17,1
              5                    3,0          34,8      39             28,4      15,6         14,3
            10                     3,8          51,7      3,3            20,4      11,7           8,9
            25                     4,4          65,9      2,5            13,0       8,5           5,6



                                                                                             - 104 -
             50                    32          70,4       1,6          2,3      8,5         3,9
           Yyvela                  2,0         71,8             0,9    9,1      13,7        2,2
       wyaro: Banks J., Dilnot A., Low H.The Distribution of Wealth in the
UK. (http: //www.ifs.org.uk)
       amrigad, aqtivebis likvidobasa da Semosavlianobas Soris arCeviT Semosavlis dabali
donis mqone saojaxo meurneobebi upiratesobas aniWeben pirvel maCvenebels, ramdenadac
maRali transaqciuri xarjebi dabrkoleba xdeba dabandebebisaTvis aqciebsa da sxva aralikvidur
aqtivebSi. garda amisa, danazogebis gamoyeneba rezervis saxiT, gamomu-Savebuli Semosavlis
dakargvis SemTxvevaSi, ubiZgebs saojaxo meurneo-bebs aqtivebis ganTavsebaze danazogebis
yvelaze ufro likvidur formebSi. aqtivebis gadasaxadiT dabegvris reJimis gamkacreba lik-
vidobis gadidebis kvalobaze, mimarTulia sainvesticio xasiaTis dana-zogebis stimulirebaze.
       SeRavaTiani saSemnaxvelo sqemebis SemoRebam gazarda sagada-saxado sistemis
neitraluroba. magram maTi efeqtianoba danazogebis moculobis gadidebisa da axal meanabreTa
mozidvis TvalsazrisiT dRes eWvs iwvevs. statistikuri monacemebi imaze miuTiTeben, rom
sax-srebis mniSvnelovani nawili SeiZleba gadatanil iqnes sxva saSemna-xvelo angariSebidan,
rac mimdinare moxmarebis Semcirebis Sedegi ar iqneboda. danazogebis moculobis gadideba
90-iani wlebis SuaxanebSi SeiZleba makroekonomikuri klimatis Secvlis Sedegi yofiliyo.
miuxe-davad amisa, SeiZleba vivaraudoT, rom yvela SeRavaTiani saSemnaxvelo sqemis
moqmedeba mTlianad, mainc stimuls aZlevs mosaxleobas metis dazogvisaTvis. im
SemTxvevaSi, Tuki sagadasaxado zomebis gatarebiT SesaZlebeli iqneba kerZo danazogebis
Tundac umniSvnelo gadideba, multiplikatoris efeqti imas gamoiwvevs, rom wminda zegavlena
erov-nul danazogebze mniSvnelovnad gadaaWarbebs gaSvebul sagadasaxado SemosulobaTa
sidides.
       did    britaneTSi   meore    mwvave    problema,   romlis      gadaWra   garkve-ulwilad
dakavSirebulia gadasaxadiT dabegvris sferoSi cvlileb-ebze, sainvesticio aqtiurobis SedarebiT
dabali donea. gamartivebuli SefasebiT, korporaciaTa mogebis britanuli gadasaxadi kapitals
Rirebulebis erTidan or procentul punqtamde umatebs. ramdenadac mogebis mosalodneli
normis, magaliTad, 10%-is uzrunvelsayofad saWiroa gadasaxadis gadaxdamde 11-12%
mogebis miReba, zogierTi proeqtebi, da maSasadame, sainvesticio xarjebic, realur
gamoyenebas ver pouloben. arsebobs mosazreba,rom sagadasaxado barierebis ararse-bobisas
investiciebi SeiZleba 5%-iT gazrdiliyvnen.1
       sagadasaxado ganakveTis dacemam 1984-86ww. reformebis msvlelo-baSi gamoiwvia
sainvesticio aqtiurobis mkveTri zrda, magram sami wlis manZilze zrdis rezervi amoiwura.




                                                                                       - 105 -
korporaciuli    gadasaxadis       Semd-gomma       nelma     magram   ganuxrelma        Semcirebam
mniSvnelovani zegavlena ver moxadina kapitaldabandebaTa doneze.
1. Issues in the Taxation of Companies, IFS, 1996(http: //www;ifs.org.uk)
        Tanamedrove periodSi did britaneTs ukanaskneli adgili ukavia investiciebis moculobiT
`didi xuTeulis~ wamyvan qveynebs Soris. mTlian dabandebaTa xvedri wili ZiriTad kapitalSi,
sabinao mSeneb-lobis CaTvliT, mSp-s procentebSi saSualod 1980-1999 wlebSi 29,7%
Seadgenda iaponiaSi, 20,6% italiaSi, 25-25% germaniasa da safrangeTSi, 18,2% aSS-Si da
D17,7% did britaneTSi (ix. cxr. 3.4).
        im garemoebis gaTvalswinebiT, rom britanuli korporaciuli gadasaxadis ganakveTi erT-
erTi yvelaze dabalia evropaSi, gasagebia, rom adgili aqvs sxva faqtorebs, romlebic
zemoqmedeben sainvesticio politikaze. amasTan, masze umeteswilad uaryofiT zegavlenas
axdenen, vidre gadasaxadiT dabegvris doneze. aseTi faqtorebia sargeblis maRa-
li done da mogebis xvedri wilis zrda, romelic gadaixdeba di-videndebis saxiT.
        cxr. 3.4. investiciebi mSp-s %-%, saSualod1980-1993ww.
                           iapo- ital-ia           safran-     aSS     didi britaneTi
                            nia            germa    geTi
                                           -nia
 mTliani dab-andebebi       9,7     0,6    0,5      0,5        18,2    17,3 maRali done da
 Ziri-TadkapitalSi                                                     mogebis     xvedri   wi-lis
                                                                       zrda,              romel-ic
                                                                       gadaixdeba divi-dendebis
                                                                       saxiT.


 mTliani daband-ebebi       4,1     4,8    4,6      14,9       13,9    13,7
 ZiriTad kapitalSi,sabi-
 nao mSeneblo-bis
 gamoklebiT
 mTliani daban-debebi       1,5     9,7    8,6      8,8        8,0     8,0
 manqaneb-sa da
 mowyobi-lobebSi
wyaro: Bond S., Jenkinson T. The assessment: investment performance and policy p.z.
        ukanasknel aTwleulSi gadaxdili dividendis norma did bri-taneTSi mkveTrad gaizarda
da axla yvelaze maRalia `rvaTa kavSiris~ wevr qveynebs Soris. gadaxdili dividendis
gaormageba aTwleulis manZilze-15-dan 30%-mde, niSnavda rom sadividendo misacemlebis
zrdis tempebma orjer gadaaWarbes wminda mogebis zrdis tempebs. amis Sedegad



                                                                                            - 106 -
Semcirda               kapitaldabandebaTa    dafinansebis   erT-erTi   ZiriTadi   wyaro-korporaciaTa
gaunawilebeli mogeba.
             am situaciis formireba mniSvnelovanwilad gamowveulia pirobiTi daricxvis sistemis
moqmedebiT. avansirebuli gadasaxadis da masTan dakavSirebuli sagadasaxado kreditebis
gadaxda imas iwvevs, rom aqcionerTa mniSvnelovani raodenobis mimarT gasanawilebeli
mogeba naklebi xarisxiT ibegreba, vidre aragasanawilebeli. pirvel rigSi es exeba institucionalur
investorebs, romlebic gadasaxadiT ar ibeg-rebian, romelTa xvedri wili korporaciaTa
sakuTrebaSi gaizarda 1969 wlis 22%-dan, 52%-mde 1990 wels.1 amrigad, dividendebis
dabegvris xerxi, romelic gulisxmobs aqcionerTa dakreditebas, romlebic gaTavisuf-lebuli arian
gadasaxadis gadaxdisagan, imas iwvevs, rom maTi umetesoba amjobinebs ufro maRali
dividendebis axla miRebas, vidre aqciaTa ufro maRali Rirebulebisas momavalSi.
             britanuli mrewvelobis konfederaciis mier Catarebul gamokv-levaSi aRniSnulia, rom
kompaniaTa mmarTvelebi xSirad miuTiTeben saSinao dafinansebis naklovanebaze, rogorc
erT-erT ZiriTad mizezze, romelTa mixedviTac isini ar cdiloben investiciebis gadidebas. sxva
naSromebSi, romlebic calkeul kompaniebs ikvleven, araiSviaTad axse-neben, rom menejerebs
uxdebaT kapdabandebaTa Tanxis SezRudva, kompa-niaTa mogebis gadaxdis maRali
koeficientis SenarCunebis aucileb-lobis gamo dividendebis formiT. sxva Tanabar pirobebSi
gaunawi-lebeli mogeba dafinansebis yvelaze ufro iafi wyaroa, romelic axal aqciaTa
gamoSvebis an sasesxo dafinansebisagan gansxvavebiT ar iwvevs transaqciul danaxarjebs.
magram britanuli korporaciuli gadasaxadi amaxinjebs dafinansebis sxvadasxva xerxebis
SefardebiT Rirebulebas, kompaniis xarjebze SeRavaTis (fasdakleba) SeTavazebiT dividendebis
dasafaravad.
------------------------------------------


  1. Bond S., Chennells L., Devereux M. Company Dividends and Taxes in the
UK(http://www.ifs.org.uk)
             pirobiTi daricxvis sistemis kidev erTi saintereso Taviseburebaa sagadasaxado xarjebis
zrda im SemTxvevaSi, Tuki dividendis gadamxdel kompanias Warbi avansirebuli gadasaxadi
gaaCnia. es imiT aixsneba, rom Warbi avansirebuli gadasaxadi ar SeiZleba CaTvlil iqnes
korporaciuli gadasaxadis gadaxdisas mimdinare wels. avansirebuli gadasaxadis ukve gadaxdili
Tanxis gadatana momaval periodebze amcirebs mis realur Rirebulebas, rac iwvevs damatebiT
xarjebs. 1200-ze meti britanuli kompaniebis monacemTa Seswavlam 1970-dan 1990 wlamde
ekonomistebs saSualeba misca empiriuli gziT daesabuTebinaT, rom ufro maRal dividendebs
ixdian is firmebi, romlebic mTlianad iTva-liswineben avansirebul gadasaxads ZiriTadi




                                                                                             - 107 -
 korporaciuli gadasa-xadis gadaxdisas. piriqiT, korporaciebi, romel-Tac Warbi avansirebuli
 gadasaxadi gaaCniaT, dividendebis saxiT mogebis nakleb xvedr wils anawileben.1
          zogierTi SefasebiT, 1973 wlamde arsebuli klasikuri sistemi-sadmi mibruneba
 SesaZlebels gaxdida gadaxdili dividendis normis Semcirebas 6-15%-mde. igive Sedegi
 SeiZleba miRweul iqnes aqcionerTa dakreditebis gauqmebis gziT, romlebic gaTavisuflebulebi
 arian gadasaxadis gadaxdisagan.2
   swored am gziT wavida leiboristuli kancleri, romelic damZi-mebuli ar iyo mravalwliani
 tradiciiT. Tavis pirvel biujetSi braunma ganacxada kompensirebadi sagadasaxado kreditebis
 gauqmebis Sesaxeb 1999w. 6 aprilidan, amis argumentirebiT mogebis ganawilebis sistemaSi
 wonasworobis aRdgenis aucileblobiT. Uumsxvilesi britanul aqcio-nerTan, sapensio fondTan
 mimarTebaSi, romelic ar ibegreba gadasa-xadiT, es RoniZieba ZalaSi Sevida 1997w. 2
 ivlisidan. damatebiTi Semosu-lobebi TiTqmis 4 mlrd f.st. sididiT pirvel wells, da 5 mlrd f.st-ze
 metiT erTi wlis Semdeg, saSualebas miscemen kanclers daafinansos korporaciaTa mogebis
 gadasaxadis ganakveTis Semcireba, ramac unda
--------------------------------------
  1. Bond S., Chennells , Devereux M. company Dividends and Taxes in the
 UK(http://www.ifs.org.uk)
   2.Bond S., Chennells , Devereux M. company Dividends and Taxes in the
 UK(http://www.ifs.org.uk)


 gazardos mogebis norma da aamaRlos didi britaneTis mimzid-veloba xangrZlivvadiani
 investiciebisaTvis.
          Uunda aRiniSnos,rom safondo bazarma reagireba moaxdina braunis gancxadebaze
 aqciebze fasebis saerTo momatebiT.am tendencies Sena-rCuneba xangrZlivvadian periodSi
 sapensio fondebs saSualebas misce-mda sagadasaxado kreditis kompensaciis gauqmebisagan
 gamowveuli dana-kargebis kompensireba moexdina sapensio fondebisaTvis, kapitalis mate-bis
 xarjze, xolo kompaniebs efeqtianad gamoeyenebinaT axal aqciaTa gamoSveba dafinansebis
 wyaros saxiT.
          miuxedavad amisa, did britaneTSi sakmaod bevria dividendebis gadasaxadiT dabegvris
 sistemis reformirebis mowinaaRmdege. maT Sorisaa, rac bunebrivia, sapensio fondebis
 erovnuli asociacia da ase-ve `ekonomisti~, romelmac siaxles `uzarmazari axali gadasaxadi uw-
 oda umsxviles investorze~, romlis moqmedebam SeiZleba mosalodnelis sapirispiro Sedegi
 gamoiwvios.




                                                                                         - 108 -
       xazi unda gavusvaT im garemoebas, rom calkeuli sagadasaxado RonisZiebis
efeqtianoba damokidebulia mTeli rigi faqtorebis gadax-larTvaze. leiboristebis mier sainvesticio
aqtiurobis gadidebis mimarTulebiT gamovlenili mcdelobis warmateba bevr sxvasTan erTad
damokidebulia funti sterlingis kursze da sargeblis ganakveTis moZraobaze. kapdabandebaTa
moculobis gadidebisaTvis damatebiTi stim-uli unda gaxdes dasaSvebi saamortizacio
anaricxebis droebiTi gaor-mageba wvrili da saSualo kompaniebisaTvis.
       sainvesticio aqtiurobis ZiriTad mimarTulebebs Soris mzard interess iwvevs Sidasafirmo
gamokvlevebi da damuSavebebi. sagangaSo faqtoria gamokvlevebisa da damuSavebaTa
xarjebis xvedri wilis Sem-cireba mSp-sadmi procentebSi, maSin rodesac es maCvenebeli sxva
wamyvan qveynebSi izrdeba.
  qveynebis umetesobaSi kompaniaTa mier ganxorcielebul gamokv-levebTan mimarTebaSi
dawesebulia ufro xelsayreli sagadasaxado re-Jimi, vidre investiciebTan mimarTebaSi ZiriTad
kapitalSi. did bri-taneTSi gamokvlevebsa da damuSavebebze danaxarjebis didi umetesoba
gamoiqviTeba gadasaxadiT dasabegri mogebidan. am mizniT gamoyenebul zogierT
mowyobilobaze gaweuli kapitaluri danaxarjebi aseve 100%-ian Camoweras eqvemdebareba
pirvel wels.
       Sidasafirmo gamokvlevaTa da damuSavebaTa damatebiTi stimu-lirebis moxmreTa
ZiriTadi sababia sabazro meqanizmis araefeqtianoba. is faqti, rom araregulirebadi bazari ver
uzrunvelyofs mecnierul gamokvlevaTa optimalur dones, farTodaa cnobili. ZiriTadi sabazro
defeqtis saxiT gamoiyofa dadebiTi sagareo efeqtebi. magaliTad, axali produqtis an procesis
imitacia sargeblianobas uqmnis kompaniis konkurentebs, romelic kvlevebs atarebs, ris
Sedegadac ukanasknelis mogeba mcirdeba. amrigad, gadasaxadiT dabegvra SeiZleba
gamoyenebul iqnes damatebiTi xarjebis kompensirebisaTvis, romelsac kompania eweva
gadadenis sargeblianobis moqmedebis Sedegad.
       zogierT qveyana, kerZod iaponia, safrangeTi, aSS, kanada da avst-ralia, axorcieleben
gamokvlevaTa da damuSavebaTa damatebiT stimuli-rebas sagadasaxado kreditis SeTavazebis
gziT. magaliTad, safrangeTSi gamokvlevebze daxarjul yovel damatebiT 1000 frankze,
kompaniis sagadasaxado valdebulebebidan gamoiqviTeba 500 franki. miuxedavad amisa,
ukanasknel dromde iTvleboda, rom gamokvlevaTa da damuSavebaTa Rirebulebis reaqciis
xarisxi sagadasaxao reJimis cvlilebaze Zalze dabalia da daaxloebiT 02,03%-s Seadgens.1 aSS-
Si Catarebulma gamok-vlevebma, romlebmac uCvena, rom marTlac elastiuroba axlosaa erT-
Tan, gamoiwvia tradiciuli Tvalsazrisis gadaxedva.2 sagadasaxado kreditis efeqtianobis
mniSvnelovani pirobaa, misi SemoReba xangrZ-livvadian safuZvelze.




                                                                                       - 109 -
          samrewvelo gamokvlevaTa stimulirebis erT-erTi variantia sagadasaxado kreditis
 SeTavazeba mxolod im danaxarjebTan mimar-TebaSi, romlebic aWarbeben raRac `sabazo~
 Tanxas, romelic, Tavis mxriv, mibmulia gamokvlevebsa da damuSavebebze firmis adrindel
 dana-


-------------------------------------------
  1. Bond S., Chennells , Devereux M. company Dividends and Taxes in the
 UK(http://www.ifs.org.uk)
          2.Bond S., Chennells , Devereux M. company Dividends and Taxes in the
 UK(http://www.ifs.org.uk)


 xarjebTan, magram gansazRvrul SemTxvevebSi am meTods SeiZleba uaryofiTi efeqti
 hqondes, ramdenadac kompaniam gamokvlevebze xar-jebis gadideba SeiZleba ganixilos rogorc
 ufro meti bazis formi-reba Semdgomi wlebisaTvis, rac gamoiwvevs miRebuli kreditis Semci-
 rebas.
          did britaneTSi sakiTxi sagadasaxado politikis samrewvelo gamokvlevebsa da
 damuSavebebze zemoqmedebis Sesaxeb ganixileboda TemTa palatis mecnierebis da
 teqnologiis komitetis da vaWrobisa da mrewvelobis saministros mier. am problemas mieZRvna
 finansur gamok-vlevaTa institutis mier 1994w. ianvarSi organizebuli konferencia, romelzec
 didi yuradReba daeTmo sagadasaxado kreditis gacemis amerikul praqtikas.
          miuxedavad imis aRiarebisa, rom sagadasaxado kreditma SeiZleba didi zegavlena
 moaxdinos Sidasafirmo gamokvlevebisa da damuSavebaTa SedarebiT Rirebulebaze, misi
 SemoRebis aucilebloba did britaneTSi dasabuTebuli rodia. safrTxe gamowveulia xarjebis
 gadidebis SesaZ-leblobiT gamokvlevebsa da damuSavebebze gadanawilebis buRaltruli
 Canawerebis xarjze, romlebic ar asaxaven danaxarjTa realur cvli-lebebs upiratesobaTa
 misaRebad sagadasaxado kreditisagan. kidev erTi problemaa kreditis urTierTqmedeba
 sagadasaxado sistemis sxva SemadgenlebTan. ase magaliTad, Tuki kompaniis gadasaxadiT
 dasabegri     mogeba       arasakmarisad     didia,   igi   ver   isargeblebs   sagadasaxado   kreditis
 upiratesobebiT.
          amerikuli gamocdilebis eqstrapolaciis winaaRmdeg gafrTxileba dakavSirebulia aseve
 imasTan, rom did britaneTs sxva mdgomareoba uWiravs msoflio ekonomikaSi, vidre aSS-s,
 rogorc ekonomikurad ufro gaxsnil magram teritoriiT nakleb qveyanas. gamokvlevaTa
 momxdari         internacionalizaciis        yuradRebaSi      miRebiT,      problemis    warmatebuli




                                                                                                - 110 -
gadawyvetisaTvis SeiZleba saWiro gaxdes politikis koordinacia evro-kavSiris SigniT
samrewvelo gamokvlevaTa da damuSavebaTa stimu-lirebis sferoSi.


                    $2 gadasaxadiT adgilobrivi dabegvris sistema


       adgilobrivi finansebis sistemaSi 80-iani wlebis bolodan momx-dari cvlilebebi SeiZleba
davaxasiaToT rogorc centraluri da adgi-lobrivi biujetebis funqciebisa da uflebamosilebebis
optimaluri Tanafardobis Zieba. did britaneTSi adgilobrivi biujetebis dafi-nansebis ZiriTad
wyaroa centraluri mTavrobis subsidiebi da qonebis gadasaxadi. centraluri mTavrobis
makompensirebeli dotaciis aucil-ebloba ganpirobebulia pirvel rigSi adgilobrivi xelisuflebis
uflebamosilebaTa SeusabamobaSi xarjebisa da Semosavlebis mixedviT gadawyvetilebaTa
miRebis TvalsazrisiT. msgavsi situacia, rodesac gadasaxadiT dabegvras lokalur doneze
centralizebuli marTvis didi xarisxi gaaCnia, vidre asignebaTa ganawilebas, damaxasiaTebelia
mravali ganviTarebuli qveynisaTvis.
       gadasaxadebis amoReba adgilobriv doneze regulirdeba 1984w. kanoniT adgilobrivi
gadasaxadebis Sesaxeb. tradiciulad qonebis gadasaxadiT adgilobrivi dagegmvis sistemaSi
gamoiyofa ori gada-saxadi-komerciul saqmianobaSi gamoyenebul uZrav qonebaze da sacxov-
rebel binaze.
       sagadasaxado kanonmdeblobiT gaTvaliswinebulia qonebis dife-rencirebuli dabegvra
misi Rirebulebisagan damokidebulebiT socia-luri samarTlianobis principis uzrunvelyofis
mizniT. magram sistema, romelic SemuSavebul da SemoRebul iqna maSin, rodesac saangariSo
saijaro qira SeiZleba ucvleli darCeniliyo Taobis sicocxlis man-Zilze, rigi faqtorebis da, pirvel
rigSi inflaciis zegavleniT, dro-Ta ganmavlobaSi deformirebul iqna.
       1963 da 1973 wlebSi gatarebulma gadafasebebma adgilobrivi dabegvris tvirTis
mniSvnelovani gadanawileba gamoiwvia da gaaZliera mosaxleobis daukmayofilebloba
moqmedi sistemiT. gadasaxadis regre-suli zegavlena, uwinares yovlisa, aisaxa ufrosi,
xandazmuli asakis pirebze, romelTac qoneba gaaCniaT, romelic asaxavs maT adrindel da ara
axlandel Semosavlebs. magram adgilobrivi gadasaxadebis ZiriTadi susti wertili iyo maTi
uunaroba adgilobrivi xelisuflebis mzardi xarjebis dafinansebaSi. ganaTlebaze asignebaTa
mkveTrma zrdam 60-ian wlebSi gamoiwvia xarjebis qronikuli gadameteba Semosulobebze
adgi-lobriv biujetSi. adgilobrivi gadasaxadebis ganakveTebis gadidebas inflaciis doneze zeviT,
Sesabamisi efeqti ar hqonia. amis Sedegad 70-ian wlebSi adgilobrivi xelisuflebis xarjebis ori
mesamedi fin-ansdeboda centraluri mTavrobis subsidiebis xarjze. miuxedavad imisa, rom
mogvianebiT es xvedri wili Semcirda, dReisaTvis adgilobrivi xelisuflebi sakuTari resursebis


                                                                                        - 111 -
 xarjze adgilobrivi gasavlebis daaxloebiT 40%-s faraven. centrisagan mzardi damokidebuleba
 Tan-daTanobiT Zirs uTxris adgilobrivi finansebis sistemas.
          70-iani wlebis pirvel naxevarSi frenk leifildma, romelic adgi-lobrivi finansebis specialur
 komisias xelmZRvanelobda, yuradReba miaqcia `biujeturi disbalansis~ (fiscal imbalance)
 problemas-biujeturi saxsrebis xarjvis uflebis gadametebas Semosavlebis formirebis ufl-
 ebamosilebebze.1 problemis simwvavis Semcireba aucileblad iwvevda arCevans adgilobriv
 avtonomiasa da centridan kontrols Soris. leifildi upiratesobas aZlevda avtonomias, imaze
 miTiTebiT, rom am SemTxvevaSi adgilobrivma xelisuflebma SemosulobaTa axali wyaroebi
 unda miiRon, romelTa Soris yvelaze ufro misaRebi SeiZleba adgilobrivi saSemosavlo
 gadasaxadi gaxdes. winaaRmdeg SemTxvevaSi, mTavrobam sakuTar Tavze unda aiRos
 pasuxismgebloba saqmianobis im sferoebze, romlebic adre mxolod adgilobrivi xelisuflebis
 kompetenciaSi imyofeboda. leifildis mier momzadebuli angariSi mTlianad ugulebelyofil iqna
 mTavrobis mier, magram biujeturi disbalansis problema sul ufro aqtualuri xdeboda.
          1979w. formirebulma konservatulma mTavrobam mkacri kontroli daawesa saxelmwifo
 finansebze. ganixilavdnen ra marTvis adgilobrivi organoebis finansur saqmianobas, rogorc
 gatarebuli finansuri politikis sust wertils, konservatorebma SemoiRes xarjebis targe-tirebis
 sistema da sajarimo sanqciebi maTi gadaWarbebisaTvis, magram am RonisZiebebma ar
 gamoiwvies mosalodneli Sedegi. 1984w. sarevizio komi-
--------------------------------------
1. Kay J., King M. The British Tax System.P.136


 siam aRniSna ra umniSvnelo urTierTkavSiri xarjebis cvlilebebsa da adgilobrivi gadasaxadebis
 zrdas Soris, im daskvnamde mivida, rom adgilobrivi finansebis moqmedi sistema cdilobs
 gadaWras erTmaneTs Soris ramdenadme Znelad SeTavsebadi amocana: 1) subsidiebis
 ganawileba adgilobrivi saWiroebebisa da resursebis Sesabamisad; 2) kontrolis ganxorcieleba
 saerTo xarjebze; 3) gadasaxadiT adgil-obrivi dabegvris SezRudva.
          mTavrobis Semdgomi nabiji gaxda pirdapiri Careva lokalur finansebSi gadasaxadiT
 adgilobrivi dabegvris dasaSvebi donis fiqsi-
 rebis gziT. 1990w. konservatorebma scades gadasaxadiT adgil-obrivi dabegvris sistemis
 kardinaluri reformireba, fizikur pirTa qonebis gadasaxadis SecvliT (domestic rates)
 suladobrivi gadasaxadiT (commu-nity charge) da komerciuli mizniT gamoyenebuli qonebis
 gada-saxadis centraluri regulirebis sistemis dawesebiT (non-domestic rates).
          suladobrivi gadasaxadi SemuSavebul iqna Sotlandieli mecni-eris, maisonis mier da
 1989 wlidan daiwyo moqmedeba SotlandiaSi, xo-lo erTi wliT mogvianebiT inglissa da uelsSi.1


                                                                                            - 112 -
 gadasaxadiT dabeg-vras eqvemdebareboda 18 welze uxnesi yvela fizikuri piri. sulad-obrivi
 gadasaxadis xarjze varaudobdnen adgilobriv SemosulobaTa daaxloebiT 20%-iT formirebas.
 xazinis     Tavdapirveli      gaangariSebiT   gadasaxadis   yoveli   gadamxdelisagan   amoRebuli
 gadasaxadis saSualo sidide daaxloebiT 278 f.st. unda yofiliyo. magram zogierT raionSi saWiro
 iyo SemosulobaTa mniSvnelovnad didi moculobis uzrunvel-yofa da amis Sedegad gadasaxadis
 maqsimaluri Tanxa iqna dawesebuli mTavrobis mier 385 f.st. doneze. dabali Semosavlis mqone
 pirebisaTvis SemuSavebul iqna fasdaklebis sistema, romelic gadasaxadis sididis Semcirebis
 saSualebas iZleoda, magram aranakleb 20%-sa.
           gadasaxadis SemoReba rTuldeboda zogierTi administraciuli problemiT. kerZod, erTiani
 saidentifikacio sabaraTo sistemis ararse-
----------------------------------------
 1. CrdiloeT irlandiaSi grZeldeboda gadasaxadis amoReba sacxov-rebeli qonebidan
 bobam, romelic umetes qveynebSi moqmedebda, siZneleebi gamoiwvia gada-saxadiT
 dasabegri pirebis zustad gansazRvraSi. saboloo angariSSi es sakiTxi mTlianad mikuTvnebul
 iqna adgilobrivi saregistracio xeli-suflebis kompetenciisadmi. ramdenadac suladobrivi
 gadasaxadi emyar-eboda xmis micemis uflebis mqone pirTa sias, am gadasaxadma `amomr-
 CevelTa gadasaxadis~ saxelwodeba miiRo (poll tax).
           gadasaxadi, romelic Tanabari TanxiT amoiReboda gadasaxadis yvela gadamxdelisagan,
 damoukideblad maTi Semosavlebisa da aqtiv-ebisa, umkacresad iqna gakritikebuli jer kidev
 oficialur SemoRebam-de. fasdaklebis Tanmxlebi sistemis Sesaxeb gancxadebam ver Secvala
 saerTo ganwyoba. 1990w. Sotlandiis okrug stretklaidSi 1,74 mln mos-axleobiT daregistrirebul
 iqna gadasaxadis 394000 argadamxdeli, e.i. 22%-ze meti. represiulma RonisZiebebma-sabanko
 angariSebisa da xelfa-sis fondis dapatimrebam mxolod gaaxura atmosfero. damatebiTma
 arCevnebma midstafordSiris EokrugSi, sadac aqamde konservatorebs upiratesoba ga-aCndaT
 15000 xmiT, uCvena toris partiis popularobis dacema-gaimarjva leiboristma kandidatma,
 romelmac 9000-iT meti xma miiRo.
           politikur SedegebTan erTad-konservatorTa sazogadoebrivi reitingis dacemas da
 Semdgom 1990w. noemberSi margaret teTCeris gada-dgomas-suladobrivi gadasaxadis
 SemoRebas aseve uaryofiTi finansuri Sedegi hqonda, romelic gadasaxadis masobriv
 gadauxdelobaSi gamoi-xata. gadasaxadis arsebobis sami wlis manZilze argadamxdelTa raode-
 noba ramdenjerme gaizarda da zogierT okrugebSi mosaxleobis naxev-arze meti Seadgina.
           finansur gamokvlevaTa institutis (IFS) eqspertebi Seqmnili situaciis erT-erTi ZiriTadi
 mizezis     saxiT asaxeleben fsiqologiuri faqtoris moqmedebas: gadawyvetileba gadasaxadis
 argadaxdis Tvalsaz-risiT, romelsac individi Rebulobs, miT ufro SesaZlebeli iqneba, rac ufro


                                                                                           - 113 -
 metad iqneba igi darwmunebuli, rom mis garSemo myof ada-mianTa mniSvnelovani raodenoba
 msgavsad moiqceva. amasTan, gadasaxadis argadamxdelTa raodenobis zrdis kvalobaze
 sasamarTlo sarCelis wardgenis riski mcirdeba. arsebiT rols TamaSobs sagadasaxado gana-
 kveTis done, romelic Tavisi gadidebis kvalobaze iwvevs gadasa-xadebidan Tavis aridebis
 masStabebis momatebas. sxva faqtorebs Soris aRsaniSnavia-axalgazrdobis maRali mobiluroba,
 amomrCevelTa siebis xSiri gadaregistrirebeba. piriqiT, maRali xelfasis mqone okrugebSi
 (sagadasaxadi tvirTi SedarebiT mcire Cans) da mesakuTre-saxlis mflo-belTa siWarbiT (ar
 SeuZliaT Tavi aaridon registracias), SeiniSneba gadasaxadis argadamxdelTa naklebi xvedri
 wili.61 argadamxdelTa xvedri wilis Semcireba aseve aRiniSneba gadasaxadis Semcirebis dros.
          1991w. martSi mTavrobam aRiara, rom gadasaxadis done metismetad maRalia.
 1991/92ww. gadasaxadis maqsimalurad dasaSvebi Tanxa Semcire-bul iqna 385 f.st-dan 254
 f.st-mde. suladobrivi gadasaxadidan Semo-sulobaTa Semcireba (4,3 mlrd f.st. 1991/92ww., 4,5
 mlrd f.st. 1992/93ww.) kompensirdeboda dRg-s xarjze, romlis ganakveTi 1991 wlis 1 april-idan
 gaizarda 15-dan 17,5%-mde.
          1993w.       aprilSi,      suladobrivi    gadasaxadi,    romelmac     gamoavlina      Tavisi
 arasicocxlisunarianoba,          Seicvala   municipaluri   gadasaxadiT   anu   sacxovrebeli   binebis
 gadasaxadiT (council tax). 1996/97ww. Semosulo-bebma am gadasaxadidan 9,9 mlrd f.st.
 anu adgilobriv xelisufalTa saerTo Semosavlebis 12,5% Seadgina. gadasaxadis gadamxdelebi
 arian sacxovrebeli binebis mesakuTreebi an moijareebi. erTpirovnul mflobelobaSi myof
 qonebaze da aseve cariel qonebaze (binaze) eZleva SeRavaTi, Sesabamisad 25 da 50%. dabali
 Semosavlebis mqone pirebs daxmarebis miRebis ufleba aqvT (coun-cil tax benefit), romlis
 sididem SeiZleba miaRwios sacxovrebel binebze maT valdebulebaTa 100%-s.
          gadasaxadiT dabegvris mizniT gaTvaliswinebulia sacxovrebeli binebis gradacia misi
 Rirebulebis Sesabamisad, 1991 wlis aprilSi Catarebuli gadafasebis dros.1 adgilobrivi
 xelisuflebis mier da-wesebuli gadasaxadis ganakveTi meryeobda (icvleboda) kanonmdeblurad
 gansazRvruli proporciis Sesabamisad. amis Sedegad, im qonebis gada-
---------------------------------------
  1. axali nagebobebi fasdeba im RirebulebiT, romelic maT SeiZleba hqonodaT 1991w. 1
 aprilamde.


 saxadis sidide, romlis Rirebuleba miekuTvneba `H~ jgufs, orjer aWarbebs gadasaxadis sidides.
          damatebiT gaiTvaliswineba yvela mniSvnelovani cvlileba, rome-lic moxda 1993w.
 aprilamde (mag; miSeneba an remonti)




                                                                                               - 114 -
          1990 wels suladobrivi gadasaxadis SemoReba rTuldeboda komer-ciuli miznebiT
gamoyenebuli qonebis gadasaxadis (business rate) erTd-rouli reformirebiT. ZiriTadi
cvlileba exeboda 1990w. 1april-idan centraluri mTavrobis mier mTel qveyanaSi gadasaxadis
ganakveTis erTian doneze dawesebas. gadasaxadi amoiReba adgilobrivi
          cxr.3.5. sagadasaxado ganakveTebi sxvadasxva jgufebSi
  jgufi        sagadasaxado         inglisi          Sotlandia        uelsi
               ganakveTi      `D~    (f.st)
               jgufTan
               mimarTebaSi
      A        2/3                  40000-mde          27000-mde      30000

     B         7/9                  40001-5200        27001-35000     30001-39000

      C        8/9                  52001-68000       35001-45000     39001-51000

     D         1                    68001-88000       45001-58000     51001-66000

     E         1 2/9                88001-120000      58001-80000     66001-90000

      F        1 4/9                120001-160000     80001-106000    90001-120000

     G         1 2/3                160001-320000       106001-       120001-240000
                                                         212000
     H         2                    320000-ze          212000-ze      240000-ze zeviT
                                    zeviT                 zeviT


xelisuflebis mier, magram Semosulobebi akumulirdeba centraluri biujetis mier, xolo Semdgom
saangariSsworebo cafuZvelze gadanawil-
deba sagrafoebisa da okrugebis mixedviT, mosaxleobis raodenobisagan damokidebulebiT.
          gadasaxadis gaangariSebis baza warmoadgens qonebis ijariT gacemidan miRebuli
wliuri savaraudo Semosavlis Tanxas. qonebis dasabegri Rirebulebis ukanaskneli gadafaseba
Catarda 1993 wels da ZalaSi Sevida 1995w. 1 aprilidan. 1996/97ww. sagadasaxado ganakveTi
Se-adgenda 44,9 penss 1 funtidan. komerciuli qonebis gadasaxadidan Semo-sulobebma
1996/97ww. 14,2 mlrd f.st. anu saerTo sagadasaxado Semosu-lobaTa 5%-ze cotaTi meti
Seadgina.1
          1996w. noembris biujetSi konservatorebi   gadavidnen zogieri reformis gatarebaze,
gamoacxades ra 1997/98ww. wvril kompaniebTan mimarTebaSi gadasaxadis ganakveTis
gayinvis Sesaxeb. unda aRiniSnos, rom aRniSnuli RonisZieba wvril kompaniaTa stimulirebis




                                                                                     - 115 -
 samTavrobo politikis Semadgeneli nawili iyo, xolo amasTan adgilobriv xeli-sufalTa
 uflebamosilebis gafarToeba ar iyo mizani, aramed proble-mis gadaWris mxolod xerxi xdeboda.
          1997 wlis sayovelTao arCevnebis win sxvadasxva donis biujetebis urTierTqmedebis
 sakiTxma Semdgomi ganviTareba hpova centraluri mTav-robisa da adgilobriv xelisufalTa
 urTierTobebis saerTo problemis CarCoebSi. toris partiam daadastura konservatizmisa da
 ganxor-cielebadi       centralizatoruli      politikisadmi   erTguleba.    leiboris-tebma   wamoayenes
 adgilobrivi mmarTvelobis radikaluri reforma, gamoacxades ra revoluciis procesis forsirebis
 Sesaxeb arCevnebSi gamarjvebis SemTxvevaSi. 1997w. Sotlandiasa da uelsSi Catarebulma
 referendumebma          daadastura      mosaxleobis     sakmaod     TavSekavebuli      damoki-debuleba
 SemoTavazebul cvlilebebze, romelic politikuri statusis
 nominalur amaRlebasTan erTad niSnavda, adgilobriv biujetebze zew-olis realur gaZlierebas.
          xelisuflebis adgilobrivi organoebis xarjebis centraluri mTavrobis mier SezRudvis Tezisi
 konservatorebma daasabuTes gadasa-xadis gadamxdelTa dacvis aucileblobiT metismeti
 dabegvrisagan. TavianT mxriv, jer kidev winasaarCevno brZolis msvlelobaSi leibo-ristebma
 ganacxades, jer-erTi, centraluri mTavrobis mxriv kontro-lis garkveuli Sesustebis Sesaxeb,
 sacxovrebel qonebaze gadasaxadis `metismeti~ zrdis SezRudvis uflebis SenarCunebiT da,
 meore, mzadyofnis Sesaxeb gaeuqmebinaT komerciuli qonebis gadasaxadiT dabe-


-------------------------------------------
  1. Financial Statement an Budget Report. 1997/98


 gvris centralizebuli sistema, gadasaxadiT dabegvris donis Tvalsa-zrisiT, gadawyvetilebis
 miRebis uflebamosilebaTa marTvis adgilo-briv organoebze gadacemiT.
          Uunda aRiniSnos, rom gadasaxadiT adgilobrivi dabegvris sis-temis reformireba
 dakavSirebulia principuli sakiTxis gadawyvetaze, adgilobrivi biujetebis saSemosavlo nawilis
 `gamoTanabrebis~ saWiro xarisxis Sesaxeb, romelic centraluri mTavrobis subsidiebis xarjze
 xorcieldeba. finansur gamokvlevaTa institutis specialistTa mier momzadebul angariSSi
 aRniSnulia, rom komerciuli qonebis gada-saxadiT lokaluri marTvis aRdgena gazrdis im
 xarjebis xvedr wils, romlebic finansdeba im SemosulobaTa xarjze, romlebic kontroldeba
 xelisuflebis adgilobrivi organoebis mier, axlandeli 18%-dan daaxloebiT 44%-mde. es Tavis
 mxriv moiTxovs subsidirebis sistemis reformirebas.1
          adgilobrivi     biujetebis     dafinansebis    moculobaTa        gamoTanabreba     gamoiwvevs
 sagadasaxado ganakveTebis mkveTr meryeobebs teritoriebis mixedviT-funtidan 37-dan 57
 centamde. resursebis nawilobrivi gamoTana-brebis dros centralur mTavrobas SeuZlia



                                                                                                 - 116 -
 adgilobriv xlisuflebas ar aunazRauros gansxvavebebi maT sagadasaxado bazaSi, rac stimuls
 miscems xelsayreli ekonomikuri klimatis Seqmnas kompaniaTa mosazidad qonebis dasabegri
 Rirebulebis sididis gadidebis mizniT. am SemTxvevaSi SesaZlo negatiuri Sedegi SeiZleba
 gaxdes mniSvnelovani gansxvavebebi sagadasaxado ganakveTebSi adgilobrivi xarjebis
 msgavsi donis pirobebSi da, rogorc Sedegi, saqmiani aqtiurobisa da investiciebis teritoriuli
 ganawilebis darRveva.
          1996/97ww. adgilobriv xelisufalTa (capping) xarjebis SezRudvis samTavrobo
 politikam arsebiTi zegavlena moaxdina biujetur procesze: adgilobrivi administraciis sam
 meoTxedze metma biujetebi miiRo




------------------------------------
 1. Denny K. Hall J., Smith S. Business Rate reform (http://www.ifs.org.uk)


 maqsimalurad dasaSvebi donis mixedviT. adgilobriv xelis-ufalTa saerTo xarjebi inglisSi
 mxolod 0,3%-iT dabali aRmoCnda SemzRudavi sistemis mier dawesebul doneze.
          ufro moqnili adgilobrivi finansebis dros xarjebis ZiriTadi SemzRudveli gaxdeba
 sakuTari da nasesxebi resursebis maRali Tanafardoba, romelic niSnavs, rom adgilobrivi
 xarjebis 1%-iT gadideba gamoiwvevs sagadasaxado pasuxismgeblobis zrdas inglisis
 sagrafoebSi saSualod 4,1%-iT 1997/98ww. es Tanafardoba SeiZleba mniSvnelovnad
 gansxvavdebodes teritoriebis mixedviT 2-dan 9,3%-mde farglebSi.1
          municipaluri gadasaxadis gadideba mTavrobis mxriv kontrolis gauqmebis Sedegad
 damatebiT zewolas moaxdens saxelmwifo finansebze ori mizeziT. jer-erTi, 1996/97ww.
 biujetSi centraluri mTavrobis xarjebma daxmarebebze municipaluri gadasaxadis mixedviT 2,1
 mlrd f.st. anu mocemuli gadasaxadis mixedviT daaxloebiT SemosulobaTa Tanxis 19%
 Seadgina. Ggadasaxadis ganakveTis gadideba 1 f.st-iT moi-Txovs damatebiT misacemlebs
 daxmarebis saxiT, 19 pensis odenobiT. meore, sabinao gadasaxadis zrda iwvevs daxmxrebaTa
 indeqsaciisaTvis gamoyenebuli koeficientis gadidebas, kerZod, bavSvebis daxmarebisa da
 saxelmwifo pensiebisas. Amis Sedegad adgilobrivi gadasaxadebis nebismieri zrda gamoiwvevs
 centraluri mTavrobis xarjebis gadidebas socialur uzrunvelyofaze.
          Aam garemoebaTa mxedvelobaSi miRebiT savsebiT SesaZlebelia, rom leiboristebi
 ukiduresad frTxilad gaatareben SemzRudavi sistemis likvidaciis politikas, centralur
 mTavrobaze xarjebis `metismeti~ gadidebis uflebis datovebiT, da nebismieri reformis droebiT
 SeCerebiT romlebsac SeuZliaT adgilobrivi sagadsaxado bazis gaf-arToeba da, maSasadame,


                                                                                      - 117 -
sakuTari da nasesxebi resursebis Tanafardobis Semcireba, adgilobrivi finansuri sistemisaTvis
naklebmkacri reJi-misaTvis TandaTanobiT Seguebis saSualebis micemiT.


             ----------------------------
             64.iqve

             $3 gadasaxadiT dabegvris saerTaSoriso aspeqtebi

             msoflio            meurneobis         funqcionirebis   pirobebis    Secvla,   romelic    mimdinareobs
globalizaciisa da internalizaciis procesebis zemoq-medebiT, erTi mxriv, da sagadasaxado
kanonmdeblobis arasrulyo-fileba, romelic sagareo savaWro operaciebs aregulirebs, meore
mxriv, ganapirobebs mzard interess gadasaxadiT saerTaSoriso dabe-gvris problemebisadmi.
             Teoriulad, resursebis efeqtiani ganawilebis uzrunvelyofi-saTvis idealurma sagadasaxado
sistemam zegavlena ar unda moaxdinos ekonomikuri agentebis mier gadawyvetlebaTa
miRebaze. r. dernbergis Tanaxmad, gadasaxadiT dabegvris neitraluroba saerTaSoriso garige-
bebTan mimarTebaSi emyareba sam mTavar princips:
             1)            neitralurobas kapitalis eqsportTan mimarTebaSi, rac imas niSnavs, rom
gadasaxadiT dabegvra zegavlenas ar axdens gadasaxadis gadamxdelis arCevanze Tavis
qveyanaSi investirebasa da ucxoeTSi investirebas Soris;
             2)            neitralurobas kapitalis importTan mimarTebaSi, rodesac qveyanaSi moqmedi
yvela kompania ibegreba Tanabar pirobebSi;
             3)            erovnuli neitraluroba, romelic gulisxmobs, rom saerTo mogeba, romelic
nawildeba gadasaxadis gadamxdelsa da saxelmwifos Soris, erTnairi unda iyos damoukideblad
kapitalis investirebis adgilisa.1
             gadasaxadiT                 saerTaSoriso    dabegvraSi    didi     mniSvneloba    aqvs    saxelmwifos
sagadasaxado iurisdiqcias, romelic ganisazRvreba an teritoriulobis principiT an rezidentobis
principiT. pirveli prin-cipi iTvaliswinebs gadasaxadiT yvela Semosavlis dabegvras, romlebic
miRebulia qveynis teritoriaze. upiratesad teritoriulobis principis safuZvelze igeba safrangeTis,
Sveicariis, ruseTis, laTinuri amerikis qveynebis sagadasaxado iurisdiqciebi. rezidentobis
principis safuZ-velze gadasaxadiT ibegreba kompania-rezidentebis msoflio Semosavle-b
------------------------------------------------


1. Dernberg P. International .....gv. 22-23
bi, miuxedavad maTi miRebis adgilisa. sagadasaxado iurisdiqciebi am principiT xorcieldeba
did britaneTSi, aSS-Si da sxva qveynebSi. praqtikaSi araiSviaTad SeiniSneba am ori principis




                                                                                                           - 118 -
Sexameba, rodesac sabazo principi ivseba meoriT, romelic moqmedebs kanonmdeblurad
dawesebul SemTxvevebSi.
       sagadasaxado iurisdiqciis principis arCevani ganisazRvreba sxva-dasxva qveynis
erovnuli interesebiT. kompaniaTa mniSvnelovani raoden-oba, romlebic mogebas Rebuloben
sazRvargareTuli saqmianobisa da kapitalisagan, rezidentobis principis mixedviT sagadasaxado
iuris-diqciis agebis ganmsazRvreli faqtoria. ucxouri kapitalis didi mniSv-neloba qveynis
ekonomikaSi miuTiTebs teritoriulobis principis sas-argeblod. magram gansxvaveba qveynebis
sagadasaxado kanonmdeblobebs Soris, rac dakavSirebulia gadasaxadiT dabegvris subieqtisa da
obieqtis gansazRvris TaviseburebasTan, iwvevs erTi da igive piris an Semosavlis gadasaxadiT
ormag dabegvras Tavdapirvelad Semosavlis miRebis qveyanaSi, xolo Semdgom sacxovrebeli
adgili mixedviT. saer-To wesis mixedviT gadasaxadiT dabegvris prioritetuli ufleba eTmoba im
qveyanas, romelSic miRebulia Semosavali, xolo narCeni ufleba-rezidentobis qveyanas.
       gadasaxadiT saerTaSoriso     ormagi dabegvris Tavidan asacileb-lad gamoiyeneba
ormxrivi saxelmwifoTaSorisi SeTanxmebebi da specia-luri kanonmdebloba.
       xelSekrulebebi gadasaxadiT ormagi dabegvris Tavidan acilebis Sesaxeb saSualebas
iZleva TiToeul qveyanaze mimagrebul iqnes Semo-savlebis garkveul saxeobaTa gadasaxadiT
dabegvris prioritetuli ufleba. gadasaxadiT ormagi dabegvris Tavidan acilebis meqanizmi
SeiZleba gansxvavdebodes qveynebis mixedviT.
       gadasaxadiT ormagi dabegvris Tavidan acilebis ZiriTadi meTo-debi gansxvavdebian
neitralurobis principebis Sesabamisad. sagadasa-xado kreditis SeTavazeba, romelic niSnavs
sagadasaxado Tanxis Sem-cirebas ucxoeTSi gadaxdili gadasaxadebis sididiT iq miRebul Semo-
savlebze, pasuxobs neitralurobis wess kapitalis eqsportis Tvalsaz-risiT. dakrediteba
gadavadebis gareSe gamoiyeneba zogierTi qveynis mier, aSS-s, didi britaneTis, gfr-s CaTvliT,
erovnul kompa-niaTa ucxouri ganyofilebebis Semosavlebis gadasaxadiT dabegvrisas, romlebic
iuridiul pirebs ar warmoadgenen. dakrediteba gadavadebiT gamoiyeneba Svilobil sawarmoTa
SemosavlebTan mimarTebaSi, romlebic damoukidebeli iuridiuli pirebi arian. gadasaxadebis
kompensacia xorcieldeba mxolod Semosavlebis registraciis Semdeg dedakompaniis mier. aSS-
Si, did britaneTSi, belgiaSi, irlandiaSi, italiaSi, iaponiaSi da zogierT sxva qveyanaSi
sagadasaxado krediti eZleva calmxriv safuZvelze. avstriaSi, daniaSi, luqsemburgSi-
gadasaxadiT ormagi dabe-gvris aRmofxvris Sesaxeb SeTanxmebaTa safuZvelze.
       gadasaxadebisagan gaTavisufleba ormxriv SeTanxmebaTa safuZvel-ze, rodesac
gansazRvruli saxeobis Semosavlidan gadasaxadze gansa-kuTrebuli ufleba gaaCnia erT-erT
momlaparakebul mxares, neitra-lurobis SenarCunebis saSualebas iZleva kapitalis importis
Tvalsaz-risiT. gadasaxadebis Camowera, romlis drosac ucxouri gadasaxadi ganixileba xarjebis



                                                                                      - 119 -
saxiT, romelic amoiReba gadasaxadiT dabegvras daqvemdebarebuli Semosavlebis Tanxidan,
Seesabameba erovnuli neitra-lurobis princips.
       eqspertTa umravlesoba imaSi Tanxmdebian, rom gadasaxadiT dabegvris neitraluroba
kapitalis eqsportTan mimarTebaSi, ufro meti upiratesobiT sargeblobs, vidre neitraluroba
kapitalis eqsportTan mimarTebaSi. aqedan gamomdinare, rekomendebulia gadasaxadis dakredi-
tebis sistemis gamoyeneba, da ara gadasaxadidan gaTavisuflebis siste-ma, ukidures
SemTxvevaSi, manam, sanam qveynebs Soris SenarCunebuli iqneba gansxvavebebi
sagadasaxado ganakveTebis doneSi kompaniaTa Semo-savlebze.
       did britaneTSi ZiriTadi problema gadasaxadiT saerTaSoriso dabegvris sferoSi, aris
gadasaxadiT britanuli rezidentebis dabegvra Semosavlebisa da aqtivebis mixedviT ucxoeTSi da
ararezidentebis dabegvra Semosavlebisa da aqtivebis mixedviT qveynis SigniT. orive
SemTxvevaSi SesaZlebelia gadasaxadiT ormagi dabegvris aRmoceneba, romlis aRmofxvris
ZiriTadi meTodia ucxouri gadasaxadis dakre-diteba.
       fizikur pirTa gadasaxadiT dabegvra did britaneTSi dakavSi-rebulia sam sabazo
cnebasTan: rezidentobasTan (resi-dense), mudmiv re-zidentobasTan (ordinary residence)
da domiciliasTan (domici). rezi-dentobis yvelaze ufro zogadi ganmarteba gulisxmobs
qveyanaSi yof-nas. pirovneba iTvleba didi britaneTis rezidentad, Tuki igi pasuxobs erT-erT
Semdeg pirobas:
       1) 183 dReze meti fizikuri yofna sagadasaxado wels;
       2) qveynis regularuli monaxuleba, rodesac wina oTxi saga-dasaxado wlis ganmavlobaSi
pirovneba imyofeboda did britaneTSi saSualod sam Tveze met xans (91 dRe) weliwadSi,
amasTan did britaneTSi am pirovnebisagan damoukidebeli garemobebiT gatarebuli nebismieri
dReebi, magaliTad avadmyofobis mixedviT, ar CaiTvleba.
       3) muSaobis mizniT Camosvla aq or welze metis gatarebis varaudiT.
       saerTo wesis mixedviT piri ar SeiZleba rezidenti iyos saga-dasaxado wlis nawilis
ganmavlobaSi. erTaderTi gamonaklisi daiSveba didi britaneTidan gasvlis SemTxvevaSi
mudmiv sacxovrebel adgilad ucxoeTSi an Semosvlisas mudmiv sacxovreblad. am
SemTxvevaSi sagada-saxado weliwadi SeiZleba gaiyos rezidentul da ararezidentul peri-
odebad.1
      mudmivi     rezidentobis   ganmarteba     farTo   gagebiT   mudmivi   adgil-samyofelis
(sacxovreblis) eqvivalenturia. fizikuri piri imavdroulad SeiZleba iyos rezidenti da mudmivi
rezidentic. im SemTxvevaSi, Tuki pirovneba cxovrobs sxva qveyanaSi, magram did britaneTSi
imyofeba 183 dReze mets sagadasaxado weliwads, igi rezidentia, magram ara mudmivi




                                                                                     - 120 -
 rezidenti. piriqiT, did britanetSi mcxovrebi piri, romelic gansazR-vruli mizezebiT imyofeba
 sxva qveyanaSi sagadasaxado wlis ganmavloba-
-----------------------------------------------------------


   1. gadasaxadiT saerTaSoriso dabegvris problemasTan dakavSi-rebuli terminebis da
 debulebebis iuridiuli ganmarteba mocemulia saSinao Semosavlebis sammarTvelos broSuraSi
 `Residents and Non-Residents. Lability to tax in the UK (IR 20,1986)


 Si, mudmivi rezidenti aris magram rezidenti ar aris.1
               domicilia ganimarteba rogorc mudmivi adgilsamyofeli qveyana. fizikur pirs domicilia
 gaaCnia warmoSobiT, dabadebis momentidan. Cveulebriv es mamis domiciliaa, magram
 gansazRvrul garemoebebSi SeiZleba iyos dedis domiciliac. 1973 wlis Semdeg qorwinebaSi
 Sesuli meuRleTa wyvilisaTvis colis domicilia ganisazRvreba qmris domici-liisagan
 damoukideblad. kanoniT SesaZloa uarisTqma warmoSobis mixedviT domiciliaze da axali
 domiciliis miReba sxva qveyanaSi, magram, mas Tan axlavs rTuli iuridiuli procedurebi.
             gadasaxadis rezidenti gadamxdelebisTvis britanuli sagadasa-xado kanonmdebloba
 vrceldeba mTel maT msoflio Semosavalze da kapitalis namatze. ararezidenti pirebi ibegrebian
 mxolod im Semo-savlis mixedviT, romlebic miRebulia britanuli wyaroebidan (magali-Tad,
 rentuli Semosavali did britaneTSi arsebuli sakuTrebisagan, an sargeblis, aq miRebuli
 Semosavali) da ar eqvemdebareba kapitalis matebis gadasaxadiT dabegvras. gansakuTrebul
 SemTxvevebSi ararezi-denti, romelic miuxedavad amisa, mudmivi rezidentia gadasaxadiT
 dabegvras eqvemdebareba kapitalis matebaze, mTel msoflio Semosa-valze kapitalis matebidan.
 am wesebidan arsebobs gamonaklisi:
             1. ararezidentebi, romlebic vaWrobas an sameurneo saqmianobas ewevian did britaneTSi
 filialis an warmomadgenlobis meSveobiT, gadasaxadiT dabegvras eqvemdebarebian saoperacio
 mogebaze, filialis kuTvnili qonebis nebismier sxva SemosavalTan erTad da aseve kapitalis
 matebazec.
             2. rentuli da sxva Semosavali uZravi qonebidan did britaneTSi.
             3. sainvesticio da Semosavlis zogierTi sxva saxeobebi, romlebic miRebulia sxva
 qveyanaSi da gadmotanilia did britaneTSi fizikuri pirebi-rezidentebis mier, romelTac aq
 domicilia ar gaaCniaT.
-----------------------------------------------
 1. wlis manZilze 9-9 TviT ucxoeTSi yofnisas popularuli jgufi Spice Girls-is xuTi monawile
 gadasaxadebs ar ixdis did britaneTSi. amis Sedegad maT 1997wels dazoges 48 mln.f.st-ze
 meti fuli, 1997 #34)


                                                                                           - 121 -
      4. kapitalis namati, romelic miRebulia ucxouri aqtivebis reali-zaciidan, fizikuri pirebi-
rezidentebisagan, romelTac aq domicilia ar gaaCniaT.
      saSemosavlo gadasaxadisa da kapitalis matebis gadasaxadis gada-xdisas, gadasaxadiT
ormagi dabegvris Tavidan acilebis Sesaxeb moqmedi xelSekrulebebis pirobebiT, sagadasaxado
krediti eZleva gadaxdili ucxouri gadasaxadis TanxiT. sagadasaxado kreditis sidide ar SeiZleba
aWarbebdes britanuli gadasaxadis Tanxas am Semosavalze an namatze. aseTi SeTanxmebis
ararsebobis SemTxvevaSi saSinao britanuli kanon-mdeblobis Tanaxmad sagadasaxado krediti
ucxouri gadaxdili gadasa-xadis mixedviT eZleva calmxrivi wesiT.
      did britaneTSi domiciliis mqone fizikuri pirebis mier sakuT-rebis gadacema gadasaxadiT
ibegreba memkvidreobis Sesaxeb kanoniT, damoukideblad sakuTrebis adgilsamyofelisa. aq
domiciliis armqone fizikuri pirebidan gadasaxadi amoiReba mxolod sakuTrebis gadacemi-sas,
romelic did britaneTSi imyofeba. am wesebidan ZiriTad gamona-kliss miekuTvneba:
      1)      saCuqrebi    fizikur    pirebze,   romlebic   gakeTebulia   mCuqeblis   sikvdilis
dadgomamde 7 an meti wlis winaT.
      2)      meuRleebs Soris gadacemebi.
      ucxouri gadasaxadis mixedviT krediti SeiZleba gaices gadasaxa-diT ormagi dabegvris
Tavidan acilebis Sesaxeb gamoyenebul xelSekr-ulebaTa pirobebiT, an calmxrivi wesiT.
      did britaneTSi kompaniaTa gadasaxadiT dabegvra xorcieldeba ma-Ti rezidentobis
safuvelze. Kkompaniebi rezidentebi arian gadasaxadiT dabegvris mizniT an did britanetSi maTi
registraciis SemTxvevaSi, an aq mmarTvelobiTi centris gansaTavseblad. magram Tuki
kompania mox-vdeba rezidentobis ganmartebaSi britaneTis saSinao kanonmdeblobis mixedviT,
magram ara gadasaxadiT ormagi dabegvris Tavidan acilebis xelSekrulebis pirobebiT,
rezidentad iTvleba sxva qveyanaSi, maSin did britaneTSi aseTi kompania SeiZleba
ganixilebodes rogorc ara-rezidenti.
      kanonmdeblobis Tanaxmad, britanuli kompania-rezidentebi gadasa-xadiT gasaCivrebas
eqvemdebarebian mTeli msoflio Semosavlis mixe-dviT, miuxedavad misi miRebis adgilisa. es
niSnavs, rom kompania-rezid-enti, romelic ucxoeTSi saqmianobas axorcielebs filialis an
warmo-madgenlobis meSveobiT, gadasaxadiT ibegreba filialis an warmomad-genlobis mier
miRebuli mTeli mogebis mixedviT. Tuki kompania saq-mianobas axorcielebs Svilobili ucxouri
kompaniis meSveobiT, maSin misi sagadasaxado pasuxismgebloba aRmocendeba mxolod
Svilobili kompaniisagan miRebuli dividendebis mixedviT. britanuli rezidentuli kompania,
romelic dividendebs Rebulobs ucxouri kompaniebisagan, korporaciuli gadasaxadiT ibegreba
miRebuli Semosavlis mixedviT ucxouri gadasaxadebis gamoqviTvamde da aseve kapitalis



                                                                                       - 122 -
nebismier matebaze ucxouri aqtivebis gayidvidan. saxelmwifoTaSorisi SeTanx-mebebis
Sesabamisad, gadasaxadiT ormagi dabegvris Tavidan asacil-eblad mogebaze an kapitalis
matebaze gadaxdili ucxouri gadasaxadis mixedviT gaicema sagadasaxado krediti.
      ormagi dabegvris Sesaxeb xelSekrulebis ararsebobis dros kred-iti SeiZleba SeTavazebul
iqnes calmxrivi wesiT. nebismier SemTxvevaSi sagadasaxado kreditis sidide ar SeiZleba
aWarbebdes korporaciaTa mogebaze britanuli gadasaxadis Tanxas, amasTan, gamouyenebeli
ucxou-ri gadasaxadi ikargeba.
      kompania-rezidentebi, romlebic sameurneo saqmianobas axorcie-leben did britaneTSi
filialebis an warmomadgenlobaTa meSveobiT, korporaciaTa mogebis gadasaxadiT dabegvras
eqvemdebarebian saopera-cio Semosavalze da filialis sakuTrebidan Semosavalze, da aseve ka-
pitalis matebidan, aq realizebuli aqtivebidan. winaaRmdeg SemTxvevaSi ararezidentuli
kompaniebi ar ibegrebian korporaciaTa mogebis gadasaxadiT, magram saSemosavlo
gadasaxadiT dabegvras eqvemdebarebian, britanuli wyaroebidan miRebul Semosavalze. ucxour
kompaniaTa Svi-lobili kompaniebi, romlebic britaneli rezidentebi arian, korpo-raciaTa mogebis
gadasaxadiT iseTnairadve ibegrebian, rogorc nebis-mieri sxva rezidenti-kompania.
      gadasaxadiT saerTaSoriso dabegvris problemebi mniSvnelovnad garTulda ukanasknel
aTwleulSi mravalerovnul kompaniaTa zrdasTan dakavSirebiT. ucxour investiciaTa xvedri wili
did britaneTSi mkveTrad gaizarda 80-ian wlebSi da 1990 wels TiTqmis 20%-s miaRwia. 90-
iani wlebis pirvel naxevarSi britanul mTavrobas mouxda rigi amocanis gadaWra, romlebic
yovelTvis rodi eTavsebodnen erTmaneTs. sagadasaxado politikis ZiriTadi mimarTuleba gaxda,
jer- erTi, xel-sayreli sagadasaxado klimatis uzrunvelyofa saerTaSoriso korpora-ciebisaTvis, da,
meore, legaluri SesaZleblobebis aRmofxvra gadasa-xadebis gadaxdisagan Tavis aridebisaTvis
gadasaxadiT saerTaSoriso dabegvris principebis arasrulyofilebis gamo.
      ucxouri investiciebis mozidvis amocana dakavSirebulia im faqtorebis Sesaxeb sakiTxis
gadaWraze, romlebic zegavlenas axdenen am kompaniaTa mier TavianTi warmoebis
ganTavsebaze da am saqmeSi sagadasaxado politikis rolTan. cxadia, rom kompaniis yvelaze
ufro mimzidveli adgilsamyofeli iqneba is qveyana, romelic mogebis maqsimumis miRebas
uzrunvelyofs. saerTaSoriso finansuri kvlevebis specialistebis mier Catarebulma muSaobam
gadasaxadiT dabegvris saerTaSoriso kompaniaTa mogebaze zemoqmedebis Seswavlis
saqmeSi, uCvena rom gadasaxadis zRvruli ganakveTi gansazRvravs warmoebis optimalur
dones, momgebianobaze iribi zegavlenis moxdeniT. meore mxriv, mogebis saSualo norma
pirdapir zegavlenas axdens kompaniis mier miRebuli mogebis moculobaze. empiriul
monacemTa analizi adasturebs Teoriul varauds imis Sesaxeb, rom gadasaxadis saSualo
ganakveTi ganmsazRvrel rols TamaSobs kompaniis adgilsamyofelis SerCevisas.



                                                                                       - 123 -
      korporaciuli   gadasaxadis   SedarebiT   dabalma    ganakveTma     (sxva ganviTarebul
qveynebTan SedarebiT) da gadasaxadiT ormagi dabegvris gauqmebis Sesaxeb mniSvnelovani
raodenobis SeTanxmebaTa arsebobam miuxedavad amisa, ver gamoiwvies warmodgenis
formireba didi britaneTis, rogorc saerTaSoriso operaciebis Catarebis xelsayreli zonis Sesaxeb.
pirobiTi daricxvis naklovanebebi ara mxolod saSinao operaciebTan mimarTebaSi vlindeboda,
aramed aseve saerTaSoriso kom paniaTa saqmianobaSic aisaxa. 1994 wlamde, britanuli
kompaniebi, roml-ebic TavianTi saqmianobis did nawils ucxoeTSi axorcielebdnen, imas
awydebodnen, rom did britaneTSi sagadasaxado valde-bulebaTa ukmar-isobis da rogorc
Sedegi,   gamouyenebeli    avansirebuli   gadasaxadis    (e.w.   `sagadasaxado   gamofitva~)
gaTvaliswinebis SeuZleblobis SemTxvevaSi, ukanasknel damatebiT xarjebs warmoadgenda,
razec gadaxdili divid-endebis Tanxis meoTxedamde modioda.
      ucxouri investiciebis mozidvis mizniT 1994w. cvlilebebi iqna Setanili mogebis
ganawilebis wesebSi, romlis Sesabamisad kompaniebma ufleba miiRes sakuTari arCevanis
mixedviT ganexorcielebinaT misacem-lebi dividendebis formiT ucxouri Semosavlidan
(Foreign Income Dividends). am SemTxvevaSi avansirebuli gadasaxadis gadaxdis
Semdeg, kompanias, Tuki miuTiTebda, rom dividendebi nawildeboda ucxo-uri wyaroebidan
miRebuli mogebidan, SeeZlo misi anazRaurebis moTxovna, Tumca cxraTviani droiTi lagiT.
      ucxouri wyaroebidan miRebuli da gadaxdili dividendebi arc frankirebuli sainvesticio
Semosavlebia da arc markirebuli anazRa-urebebi (gadaxdebi). avansirebuli korporaciuli
gadasaxadi gadaixdeba gacemul da miRebul dividendebs Soris gansxvavebidan, amasTan,
daiS-veba miRebuli dividendebis Tanxis gadaxdilze gadametebis gadatana Semdeg weliwadSi.
      ucxouri Semosavlebidan dividendebis mixedviT Tavazoben piro-biT sagadasaxado
kredits, e.i. dividendebi gaicema 20%-iani gadasaxadis gamoqviTviT, rac faqtobrivad
zegavlenas ar axdens sabazro da moma-tebuli ganakveTebiT gadasaxadis gadamxdelTa
mdgomareobaze (ukanask-nelebi, iseve rogorc Cveulebrivi dividendebis miRebisas, damatebiTi
20%-iani gadasaxadiT ibegreba). magram sagadasaxado valdebuleba-Ta armqone gadasaxadis
gadamxdelebi kargaven TavianT upira-tesobas, ramdenadac ar SeuZliaT sagadasaxado kreditis
anazRaurebis miReba. kerZod, sapensio fonds, romelsac britanuli kompaniis aqciebi gaaCnia
da dividendebs ixdis ucxouri wyaroebidan, SeuZlia mxolod dividen-debis Tanxis imedi iqonios,
maSin rodesac Cveulebrivi dividendebis mqone sapensio fonds SeuZlia damatebiTi Tanxis
miReba sagadasaxado kreditis kompensaciis saxiT.
      pirvel leiboristul biujetSi braunma 1999w. 1 aprilidan gaauqma dividendebis gadaxda
ucxouri Semosavlidan, e.i. faqtobrivad aRdgen-il iqna 1994 wlamde arsebuli mdgomareoba.
gamonaklisi gakeTda mxol-od saerTaSoriso kompaniaTa mmarTvelebisaTvis (International



                                                                                      - 124 -
Headqu-arter Comp-anies). rogorc saSinao, ise ucxouri investiciebis stimul-irebis
ZiriTadi RonisZiebis saxiT SemoTavazebul iqna korporaciuli gadasaxadis ganakveTebis
Semcireba.
        gadaxdili ucxouri gadasaxadebis mixedviT dakreditebis meqaniz-mis gamoyenebiT
kompaniebs farTo SesaZleblobebi gaaCniaT sagadasa-xado dagegmvisaTvis, TavianTi
gadasaxadebis minimizebis mizniT. ucxo-uri kompaniisagan gasanawilebeli mogebis
dividendebis miRebis Semdeg britanul kompanias gadayavs igi ucxour holdingur kompaniaSi,
sadac    urevs   Svilobili   kompaniebisagan   miRebul   dividendebTan,   romlebic   maRali
ganakveTebiT ibegreba da mxolod amis Semdeg gadaaqvs did bri-taneTSi. es saSualebas
aZlevs maRali gadasaxadebiT dasabegri Semo-savlebis miRma damalos sxva Semosavali,
romelze gadasaxadic bevrad ufro dabalia an saerTod ar amoiReba. amis Sedegad kompania
kredits Rebulobs maqsimaluri ganakveTiT, amcirebs ra amrigad Tavis saga-dasaxado
valdebulebebs. gadasaxadis gadaxdisagan Tavis aridebis SesaZleblobaTa Semcirebis mizniT
1996w. 26 noembridan SemoRebulia axali wesebis moqmedeba, romelTa Tanaxmad kreditis
Tanxa izRudeba britanuli gadasaxadis ganakveTebiT korporaciaTa mogebaze. winaswari
SefasebebiT SemosulobaTa zrda miRebul RonisZiebaTa Sedegad 50 mln.f.st-ze metia
weliwadSi.
        kompaniaTa momavalma gadasvlam TviTgaangariSebis sistemaze rigi problemebi
gamoiwvia, rac dakavSirebulia kontrolirebad ucxour kompaniebTan (Controlled Foreign
Comp-anies (CFCs)) da transfertul fasebTan. ganmartebis Tanaxmad ucxouri kompania
kontrolirebadad iTvleba, Tuki britanuli kompania flobs misi saaqcionero kapitalis aranakleb
10%, amasTan ucxouri kompaniis mier rezidentobis qveyanaSi gadaxdili gadasaxadi im Tanxis
sam meoTxedze naklebs Seadgens, romelsac britanuli kompania-rezidenti gadaixdida.
kanonmdebloba ucxouri kontrolirebadi kompaniebis mixedviT vrceldeba im jgufebze, romlebic
Tavs arideben gadasaxadebis gadaxdas mogebis Svilobil kompaniebze gadataniT, romlebic
ganTavsebulebi arian gadasaxadiT dabegvris SeRavaTiani reJimis mqone teritoriebze. amis
Sesabamisad, britanuli kompania ibegreba gadasaxadiT ara mxolod dividenduri Semosavlis
TvalsazrisiT, aramed aseve kontrolirebadi ucxouri kom-paniis mogebis TvalsazrisiTac. am
wesidan daiSveba gamonaklisi, rome-lic exeba mogebis ganawilebis gansazRvruli politikis
gatarebas (magaliTad, gadasaxadiT dasabegri mogebis aranakleb 90%-is ganawi-leba) da
mogebis minimalur sidides (sagadasaxado pasuxismgebloba ar warmoiSoba im SemTxvevaSi,
Tuki ucxouri kompaniis mogeba 12 Tvis man-Zilze ar aWarbebs 20000 f.st-s.)
        TviTgaangariSebis sistemis SemoRebamde britanuli kompaniis dabegvra kontrolirebadi
ucxouri kompaniis mier miRebuli mogebis mixedviT, mxolod saSinao Semosavlebis


                                                                                     - 125 -
sammarTvelos specialuri mi-TiTebiT xdeboda. TviTgaangariSebis gavrceleba kontrolirebad
ucxo-ur kompaniebze mniSvnelovani cvlilebebis Setanas moiTxovs kanonm-deblobaSi, raTa
uzrunvelyofil iqnes sagadasaxado deklaraciebis koreqtuli Sevseba da sagadasaxado
pasuxismgeblobis gansazRvra. ama-sTan, igulisxmeba, rom moqmedi gamonaklisebi
kontrolirebad   ucxour    kompaniebTan      mimarTebaSi      SenarCunebuli    iqneba.     axali
kanonmdeblobis proeqtis ganxilvis Semdeg saWiro cvlilebebi Setanil iqna 1998w. fin-ansur
kanonSi.
      Tanamedrove periodamde britanuli kompaniebi sagadasaxado dek-laraciebis Sevsebisas
eyrdnobodnen finansur angariSgebaSi miTiTebul fasebs. TviTgaangariSebis sistemis
kompaniebze gavrcelebam moiTxova gadasvla transfertuli fasebis gansazRvraze. msoflio
praqtikaSi es meTodi farTod gamoiyeneba mogebaTa gadatanis Tavidan acilebis mizniT,
gadasaxadiT dabegvris dabali donis iurisdiqciaSi.
      gaangariSebis Cveulebrivi meTodi, romlis Sesabamisad gadasa-xadiT dasabegri
Semosavlis sidide mocemul iuris-diqciaSi ganisaz-Rvreba yvela dakavSirebul mxareTa saerTo
Semosavlis gamravlebiT, gadaxdili xelfasis sakuTrebis da gayidvaTa SefardebiT iurisdiqciis
farglebSi, gadaxdili xelfasis saerTo TanxasTan, sakuTrebasTan da gayidvebTan, ar asaxavs
gansxvavebas mogebis normebSi da sxvadasxva iur-isdiqciebSi. amasTan dakavSirebiT,
transfertuli fasebisaTvis saer-TaSoriso standartia `gaWimuli xelis~ fasis gamoyeneba, romlis
mixedviT garigebaTa Sefaseba dakavSirebul mxareebs Soris (kontroli-rebadi garigebebi)
xorcieldeba ise, rogorc daukavSirebeli mxareebi aagebdnen TavianT arakontrolirebad
garigebebs.
      kompaniaTa gadasvla transfertuli fasebis miTiTebaze gamoiwvevs mraval damatebiT
kiTxvas da sxvasTan erTad mniSvnelovan dros moiTxovs dokumentaciis warmoebisa da
informaciis mogrovebis sis-temaze. transfertuli fasebis TviTgaangariSebis sistemaSi inkorpori-
rebis gadawyvetileba miRebuli iyo mravalricxovan konsultaciaTa ganxorcielebis Semdeg rig
kompaniasTan da sxva dainteresebul mxaresTan.
      ekonomikuri      klimatis   gaumjobesebis     mizniT     saerTaSoriso     kompa-niebis
saqmianobisaTvis britanuli sagadasaxado kanonmdeblobiT Seqm-nilia xelsayreli pirobebi
britaneTis marTvadi saerTaSoriso kom-pania-rezidentebisaTvis, am kompaniaTa ZiriTadi
privilegiaa dividen-debis gadaxdis SesaZlebloba, m.S ucxouri wyaroebidan, avansirebuli
korporaciuli gadasaxadis gareSe. sadividendo misacemlebis SeRava-Tiani sagadasaxado statusi,
romelsac axorcieleben marTvadi saer-TaSoriso kompaniebi, romlebic damokidebuli ar arian
xelSekru-lebaTa pirobebze gadasaxadiT ormagi dabegvris gauqmebis Sesaxeb, maTi
gamoyenebis saSualebas iZleva iseT iurisdiqciebSi, romelTac aseTi SeTanxmebebi ar



                                                                                        - 126 -
gaaCniaT. kompania kvalificirdeba rogorc marTvadi saer-TaSoriso, Tuki britanel rezidentebs
ekuTvnis misi saaqcionero kapitalis araumetes 20%-sa an Tuki flobs sxva kompania, romelic
ko-trdeba ucxour safondo birJaze.
      Tanamedrove periodSi gadasaxadiT saerTaSoriso dabegvris sfe-roSi awydebian or
winaaRmdegobriv amocanas-barierebis Semcirebas saerTaSoriso vaWrobisa da investiciebis
gzaze da saxelmwifoTa erovnuli interesebis uzrunvelyofas, rac dakavSirebulia ucxouri kapitalis
mozid-vasTan da saxelmwifo biujetis SevsebasTan.




      D           daskvnebi


      Nneokonservatizmze gadasvlam gansazRvra britanuli ekonomikuri politikis axali
prioritetebi. finansuri regulirebis keinzur meTodebs daupirispires saxelmwifo seqtoris
SezRudvisa da fuladi masis zrdisadmi kontrolis monetaristuli principebi. 80-iani wlebis
ganmavlobaSi makroekonomikuri politikis ZiriTadi amocana gaxda inflaciis Seferxeba fuladi
masis maCvenebelTa targetirebis, aqtiuri fulis pasiurSi gadaqaCvis, sargeblis maRali
ganakveTis SenarCunebis, mcuravi savaluto kursis SenarCunebis gziT. biujeturi politikis
miznad cxaddeba biujetis dabalanseba xarjebis SezRudvisa da saxelmwifo seqtoris sesxebze
moTxovnilebebis mkacri kontrolis xarjze, ekonomikuri koniunqturis meryeobebisagan
damoukideblad. igu-lisxmeba biujetis dabalanseba ciklis msvlelobaSi, magram ara mTav-robis
mier anticikluri politikis realizaciis Sedegad, aramed CaSe-nebuli stabilizatorebis moqmedebis
safuZvelze.
      ekonomikis aradamakmayofilebelma mdgomareobam 70-iani wlebis bolosa da 80-iani
wlebis dasawyisSi mwvaved daayena sakiTxi gadasa-xadebis mastimulirebeli funqciis
gafarToebis Sesaxeb. 1979-dan 1989 wlamde margaret teTCeris mTavrobam gaatara
sagadasaxado Ronis-Ziebebi, romelTa safuZveli iyo sagadasaxado ganakveTebis Semcireba da
gadasaxadiT dasabegri bazis gafarToeba. gadasaxadiT pirdapiri dabegvris principi ekonomikis
stimulirebis mizniT konservatorTa sagadasaxado politikis sabaziso punqti gaxda. 1984-
1988ww. reformebma did britaneTSi, 1986w. aSS-Si, 80-iani wlebis bolos gfr-Si, safran-geTSi,
iaponiasa da kanadaSi gamoiwvies pirdapiri gadasaxadebis Semci-reba da iribi gadasaxadebis
gadideba, gadasaxadiT dabegvris propo-rciulobis gaZliereba am qveynebSi.


                                                                                      - 127 -
      90-iani wlebis dasawyisSi seriozuli SeSfoTeba gamoiwvia ekonomikurma daqveiTebam,
romlis gaWianurebul xasiaTs zogierTi ekonomisti ukavSirebda didi britaneTis monawileobas
gasacvleli kursebis meqanizmSi. saxelmwifo xarjebis gadidebam, umuSevrobis daxmarebis
gacemaze korporaciaTa mogebis Semcirebam, sagadasaxado SeRavaTebis gadidebam
amortizaciaze, daqveiTebis msvlelobaSi gamoi-wvia biujetis deficitis mniSvnelovani gadideba.
saxelmwifo seqtoris sesxebze moTxovnilebis mkveTrma zrdam mTavroba aiZula gaedidebina
gadasaxadebi. ramdenadac pirdapiri gadasaxadebis ganakveTebis Semdgomi Semcirebis
dapireba safuZvlad edo konservatuli partiis winasaar-Cevno platformas 1992 w. arCevnebze,
sagadasaxado SemosulobaTa gadidebis amocanis gadaWra gulisxmobda iribi gadasaxadebis
Semdgom zrdas, gadasaxadiT iribi dabegvris gavrcelebas axal sferoebze, zogierTi
sagadasaxado SeRavaTis gauqmebas an Semcirebas. 90-iani wlebis pirvel naxevarSi gaizarda
aqcizebi   alkoholur   produqciaze,    Tambaqos      nawarmze,    avtomanqanebis     sawvavze,
SemoRebulia axali iribi gadasaxadebi, Semcirebulia sagadasaxado SeRavaTebi ipoTekur kredi-
tebze, romelic gaicema sacxovrebeli binis yidvaze. imavdroulad viTardeba sagadasaxado
regulirebis axali mimarTulebebi, kerZod, ekologiis sferoSi.
      sagadasaxado regulirebis britanuli gamocdilebis analizi da misi Sepirispireba industriulad
ganviTarebul sxva qveynebTan gansazRvruli daskvnebis gakeTebis saSualebas iZleva.
      1.      sagadasaxado struqturaTa faqtobrivi daaxloeba da refor-mebis gatarebis dros
aRmocenebuli problemebis erToba gviCvenebs globalizaciisa da internacionalizaciis procesebis
mzard zegavle-nas, industriuli qveynebis saSinao finansur politikaze. magram, gada-saxadiT
iribi dabegvris harmonizaciis politikis analizi evrokav-SirSi, romelic ganxorcielda 1997wels
Camoyalibebuli situaciis da ukanasknel periodSi evropuli komisiis mier miRebul gadawyve-
tilebaTa gaTvaliswinebiT im daskvnis gakeTebis saSualebas iZleva, rom winwawevam
harmonizaciis gzaze amowura saSinao rezervebi, xolo am procesis forsireba ewinaaRmdegeba
zogierTi qveynis erovnul interesebs da finansuri konvergenciis politikas.
       ekonomikuri da savaluto kavSiris formirebis damamTavrebeli etapis moaxloebasTan
dakavSirebiT, unda aRiniSnos, rom sagadasaxado SemosulobaTa gadidebis problemis
warmatebuli gadaWra ekonomikur maCvenebelTa dayvanis erT-erTi faqtoria, kerZod, biujeturi
defi-citisa da saxelmwifo valisa, konvergenciis kriteriumebis Sesabamisad. magram ukanasknel
periodSi ufro SesamCnevi xdeba zogierTi qveynis aramosurneoba, wavides saSinao finansuri
politikis gamkacrebaze, miT umetes, rom erTiani valutis SemoReba savaraudo upiratesobebTan
erTad, iwvevs aseve erovnul mTavrobaTa kompetenciis SezRudvas ekonomikur sferoSi.
`evroze~ gadasvla, romelsac moyveba sakredito-fuladi politikis pirdapiri da finansuri politikis
iribi regulireba zeerovnul doneze, SeiZleba is gamoiwvios, rom mTavrobebs CamoerTmevaT



                                                                                        - 128 -
makroekonomikuri regulirebis pirveladi instrumentebi. ganviTarebul qveynebSi finansuri
urTierTobebis ganviTarebis logikis gaTvaliswinebiT cxadi xdeba, rom arsebul garemoebebSi
efeqtiani sagadasaxado politikis gatarebis aucilebeli piroba, romelSic ZiriTadi yuradReba
eqceva maregulirebel funqcias, saxelmwifo xar-jebis Sekavebaa.
          2.       reformebis ZiriTadi mizani, romelic talRad moedo ganviTarebul qveynebs
ukanaskneli 15 wlis manZilze, sagadasaxado sistemis neitralurobis amaRleba iyo. dasaxuli
amocanis gadaWris ZiriTadi xerxi gaxda Semosavlebis gadasaxadiT dabegvris progresu-lobis
Semcireba, romelic miRweul iqna sagadasaxado ganakveTebis doneTa da raodenobis
Semcirebis gziT. reformebis mTavari elementi gaxda sagadasaxado SeRavaTebis didi nawilis
gauqmeba, rasac, erTi mxriv, SesaZlebeli unda gaexada deformaciebis daZleva resursebis
ganawilebaSi, xolo meore mxriv, aucilebel SemosulobaTa uzrun-velyofa biujetSi sagadasaxado
bazis gafarToebis xarjze. amasTan, ar moxda uarisTqma gadasaxadebis mastimulirebeli
fuqnciis gamoyenebaze, magram sagadasaxado stimulirebis sferoebi SezRduduli iyo iseTi
prioritetuli mimarTulebebiT, rogoricaa mcire biznesi, kompaniaTa kvleviTi saqmianoba,
danazogebi, regionuli ganviTareba. imavdroulad Seicvala gadasaxadiT pirdapiri da iribi
dabegvris Tanafardoba ukanasknelis rolis gaZlierebis mxares.
          3.       gadasaxadiT dabegvraSi sxvadasxva cvlilebaTa zegavlena inflaciis doneze,
warmoebisa da dasaqmebis zrdaze makroekonomikuri modelirebis prognozirebis saSualebas
iZleva,        romelic   sxvadasxva   ekonomikur   cvladebs   Soris   raodenobriv   urTierTobaTa
maTematikuri warmodgena, da alternatiul praqtikul winadadebaTa Sefasebis erT-erTi meTodia.
mocemuli sididis finansuri eqspansiis modelirebis Sedegebis Sepirispireba ramdenime britanul
modelSi gviCvenebs, rom saxelmwifo xarjebis gadideba mastimulirebeli politikis yvelaze
swrafi da yvelaze efeqtiani meTodia, magram am SemTxvevaSi warmoebs inflaciis
mniSvnelovani zrda. gadasaxadebis da gansakuTrebiT dRg-s Semcirebis RonisZiebebi
moqmedebs neli tempebiT. es RonisZiebebi xelsayrelia, ramdenadac fasebis nakleb momatebas
iwveven. yvelaze ufro meti efeqtianoba SeiZleba miRweul iqnes ramdenime RonisZiebaTa
erTdrouli gatarebisas, magaliTad, iribi gadasaxadebis Semcirebisa da samTavrobo xarjebis
gadidebisas gansazRvruli TanafardobiT.
          4.       ukanasknel periodSi sagadasaxado politikis SemuSavebaze did zegavlenas
axdens politikuri cikli. gamokvlevaTa Tanaxmad, romelic Caatara esekis universitetis
profesorma devid sandersma, amomrCevelTa              mjobinebebsa da kenWisyris Sedegebze
zemoqmed yvelaze mniSvnelovan faqtors warmoadgens is, Tu rogor aRiqvamen isini par-tiis
kompetenturobas ekonomikur sakiTxebSi, amasTan didi mniSvneloba aqvs gadasaxadebs:
ivaraudeba misi gadideba Tu Semcireba. iseTi ekonomikuri cvladebi ki, rogoricaa umuSevroba,



                                                                                         - 129 -
inflacia, piradi Semosavali, sargeblis ganakveTebi, arCevnebis Sedegebze zegavlenas
praqtikulad ver axdens. kerZod, arasakmarisma yuradRebam am wesisadmi leiboristebis mxriv
gamoiwvia `sagadasaxado bombis~ Seqmna 1992w. arCevnebSi (xatovani gamoTqmiT Jurnal
Economist-Si). 1997w. winasaar-Cevno brZola, romelic leiboristuli partiis gamarjvebiT
damTavrda, adasturebs daskvnas politikuri ciklis mzardi rolis Sesaxeb sagadasaxado politikis
gatarebaSi. miuxedavad imisa, rom gadasaxadiT dabegvris Tanamderove sistemebi farTo
SesaZleblobebs Tavazoben mosaxleobis didi nawilisaTvis gadasaxadiT dabegvris SeumCneveli
gadidebisaTvis, fsiqologiuri faqtoris Seufaseblobam sagadasaxado RonisZiebaTa gatarebisas
SeiZleba seriozulad Searyios mmarTveli partiis avtoriteti ara mxolod arCevnebis win, aramed
xelisuflebaSi misi yofnis nebismier periodSi. amis Sesaxeb naTlad mowmobs suladobrivi
gadasaxadis SemoRebis Sedegebi, romelic margaret teTCeris gadadgomis erT-erTi mizezi
gaxda.
         5.    britanuli gadasaxadiT korporaciuli dabegvris principebis Seswavla da sxva
qveynebTan SedarebiTi analizis Catareba zogierTi ekonomikuri maCveneblis mixedviT, imis
Sesaxeb daskvnis gakeTebas iZleva, rom kompaniaTa          gadasaxadiT dabegvra zegavlenas
axdens ara mxolod mogebis moculobaze gadasaxadebis gadaxdis Semdeg, aramed aseve maTi
qcevis sxvadasxva aspeqtebze, investiciebis, dasaqmebis, teqno-logiuri siaxleebis da mraval
sxvaTa CaTvliT, romlebSic, rogorc wesi, udidesi mniSvneloba eZleva sagadasaxado
ganakveTs sagadasaxado reJimis daxasiaTebisas. arsebiTi mniSvneloba aqvs gadasaxadiT
dasabegr bazas da aseve gadasaxadebis amoRebis sakvanZo principebs. ukanasknel wlebSi
mzardi yuradReba eTmoba did britaneTSi moqmed pirobiTi daricxvis sistemis zegavlenas,
kompaniaTa sainvesticio aqtiurobaze. gadasaxadis gadaxdisagan gaTavisuflebul aqcionerTa
kategoriis arseboba iwvevs gadasaxdeli dividendis saSualo normis gadidebas, rac, Tavis mxriv,
amcirebs kapitaldabandebaTa dafinansebis erT-erT mTavar wyaros (da amasTan yvelaze ufro
iafs)-korporaciaTa gaunawi-lebel mogebas.
         6.    Semosavlebze      gadasaxadebis     SemcirebaTa      dafinansebis     amoca-na
mniSvnelovanwilad gansazRvravda iribi gadasaxadiT dabegvris ZiriTad mimarTulebebs did
britaneTSi 80-iani wlebSi da 90-iani wle-bis pirvel naxevarSi. iribi gadasaxadebis rolis
gadideba gamoixata ara mxolod Semosulobebis xvedri wilis gadidebaSi, aramed, aseve
niSnavda maTi maregulirebeli funqciis gafarToebas. (magaliTad, ekonomikuri ciklis regulireba
SeiZleba tardebodes iribi gadasa-xadiT dabegvris bazis gafarToebis an ganakveTebis
gadidebis)    gziT,   gadaxurebuli   ekonomikis   pirobebSi,   danazogebis   stimulirebisa   da
samomxmareblo xarjebis Semcirebis mizniT.




                                                                                       - 130 -
       erT-erTi yvelaze sadiskusio sakiTxi, romelic dakavSirebulia damatebuli Rirebulebis
gadasaxadis moqmedebasTan, aris gadasaxadiT dabegvris sxvadasxva reJimebis daweseba
saqonelTa da momsaxurebis calkeul kategoriebTan mimarTebaSi. aseTi wesrigi ara mxolod
damatebiT `sagadasaxado xarjebs~ iwvevs, aramed pirobebsac qmnis gadasaxadebis
gadaxdisagan Tavis aridebis masStabebis zrdisaTvis. miuxedavad amisa, didi britaneTis
mTavroba (rogorc, sxvaTa Soris sxva ganviTarebuli qveynebisac, romlebSic moqmedebs dRg)
ar varau-dobs arsebuli sistemis kardinalur reformirebas pirveli moTxov-nilebis sagnebis
gadasaxadiT    dabegvris   regresulobis    Semcirebis       aucileblobis   Sesaxeb   argumentis
mniSvnelobasTan daTanxmebiT. gada-saxadiT diferencirebuli dabegvris arsebobis sxva
mizezia sagareo efeqtebis koreqtireba, romelic dakavSirebulia gansazRvrul saqo-nelTa
moxmarebasTan. kerZod, haeris dabinZurebis Semcirebis mizniT 1994w. aprilSi SemoRebul
iqna dRg-s Semcirebuli ganakveTi sayofa-cxovrebo sawvavze, romelic aqamde ibegreboda
nulovani ganakveTiT.
        7.    sagareo   efeqtebis   regulirebis   funqcia     did    mniSvnelobas    iZens   rig
aqcizqvemdebare saqonelTan mimarTebaSi, im daSvebiT, rom fiskaluri funqcia inarCunebs
Tavis rols. alkoholisa da Tambaqos moxmarebiT gamowveuli sazogadoebrivi xarjebis
koreqtireba arsebiTi argumentia am saqonelTa gadasaxadiT dabegvris gaZlierebis sasar-geblod.
magram erTiani bazris formirebam gamoiwvia rig sagadasaxado problemaTa aRmoceneba, rac
dakavSirebulia alkoholiani da Tambaqos produqciis mkveTr gadidebasTan sxva qveynebidan.
       sul ufro did mniSvnelobas iZens sawvavis gadasaxadiT dabegvris ekologiuri aspeqti,
romelic gamwvavda atmosferos dabinZurebis gaZlierebasTan dakavSirebiT. sawvavis
ekologiurad ufro sufTa saxeobis gadasaxadiT dabegvris ufro xelsayreli reJimis dagegmva
pirobebs qmnis fasebis SemcirebisaTvis da stimuls aZlevs maT moxmarebas.
      8.      im daSvebiT, rom SeRavaTiani saSemnaxvelo sqemebis moqmedeba iwvevs
sagadasaxado xarjebs, isini ar niSnavs danazogebis saerTo moculobis usityvo zrdas,
ramdenadac saxsrebi maTze SeiZleba gadatanil iqnes sxva angariSebidan, romelTac
sagadasaxado SeRavaTi ar gaaCniaT. am sqemebis efeqtianobis gadideba SeiZleba miRweul
iqnes gadasaxadiT iribi dabegvris gaZlierebis gziT. multiplikatoris moq-medebis Sedegad
kerZo danazogebis umniSvnelo gadidebamac ki SeiZleba uzrunvelyos mTliani danazogebis
zrda, romelic mniSvnelovnad aWar-bebs sagadasaxado Semosulobebs.
      9.      mTavrobaSi mosvlis pirvel TveebSi leiboristebis mier fi-nansur sferoSi
ganxorcielebuli RonisZiebebi gviCvenebs maT mzadyofnaze, sakmaod rTuli ekonomikuri
situaciis samarTavad, romelic Camoyalibda Tanamedrove periodSi. leiboristebis uarisTqma
`evros~ SemoRebaze 1999 wels mowmobs imis Sesaxeb, rom maT memk-vidreobiT miiRes



                                                                                        - 131 -
konservatorTa pragmatuloba. mniSvnelovani mimar-Tulebis saxiT sagadasaxado politikaSi
gamoiyofa invsticiebis sti-mulireba. am sakiTxis gadaWraSi arsebiTi roli miekuTvneba
pirobiTi daricxvis sistemis reformirebisas. sxva SesaZlo tendencia gada-saxadiT dabegvris
sferoSi SeiZleba gaxdes zewolis Semcireba saxe-lmwifo xarjebze teritoriul xelisuflebaTa
biujeturi ufleba-mosilebebis gafarToebis gziT, magram es mimarTuleba Semdgom damu-
Savebas saWiroebs. 1997 wels ganxorcielebul sagadasaxado Ronis-Ziebebs Soris aseve unda
aRiniSnos erTdrouli gadasaxadis SemoReba komu-nalur sawarmoTa mogebaze. mTlianad,
pirveli    leiboristuli    biujetis   analizi    sagadasaxado   politikis   gatarebaSi   gansazRvruli
Tanmimdevrulobis konstatirebis saSualebas iZleva.




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Fnrbycjy      "=<=-      Cnbukbw     L="=   Ktrwbb      gj    'rjyjvbxtcrjq        ntjhbb
ujcelfhcndtyyjuj ctrnjhf= V=- 1995
Djkj,etd D=G= Atlthfkmysq ,.l;tn CIF cnhernehf b ghbjbhbntns=
V"bVJ- 1994-
Djkj,etd         D=G=    Abyfycjdst      lbktvs      CIF%     'djk.wbz       ,.l;tnyjuj
htuekbhjdfybz           'rjyjvbrb= V=- 1987
Ujh,eyjd         F=H=    Yfkjujdjt    gkfybhjdfybt        b    cyb;tybt      abyfycjds[
gjnthm= V=-1993
Ujhcrbq B=D= Yfkjub d hsyjxyjq 'rjyjvbrt= V=- 1992
Ujcelfhcndtyyst          ,.l;tns     dtleob[     rfgbnfkbcnbxtcrb[           cnhfy=    Gjl
htl= <jufxtdf J=D=V=%BVTVJ-1987=
Ujcelfhcndtyyst abyfycs% bp jgsnf bylecnhbfkmyj hfpdbns[ cnhfy=
Gjl htl= Jcflxtq B=V=-V=%BVTVJ-1995=
Lthy,thu P=K= Vt;leyfhjlyjt yfkjujj,kf;tybt=V=-1997
Le,byby C=R= <.l;tnyj-abyfycjdjt htuekbhjdfybt b tuj djpltqcndbt
yf         rjyrehtynyjcgjcj,yjcnm                  yfwbjyfkmyjuj              [jpzqcndf
rfgbnfkbcnbxtcrb[ cnhfy= Lbc- l='=y=- V=%VUE-1990=
Bcftdf      T=<=        Hjkm     ltyt;yj-rhtlbnyjq-,.l;tnyjq             b    yfkjujdjq
gjkbnbrb d 'rjyjvb-xtcrjv hfpdbnbb ghjvsiktyyj hfpdbns[ cnhfy
(Zgjybz- CIF-Ahfywbz-AHU)=V=- 1992=
Rtqyc L;= J,ofz ntjhbz pfyznjcnb-ghjwtynf b ltytu= Fynjkjubz
'rjyjvbxtcrjq rkfccbrb= N=2=V=- 1992- c=135-423
Rjpshby F=Y= Yfkjujdjt ghfdj pfhe,t;ys[ cnhfy%djghjcs ntjhbb b
ghfrnbrb=V=- 1993
Yfkjub d hfpdbns[ cnhfyf[. Gjl htl. Hecfrjdjq Q=U=-V=- 1991




                                                                                    - 135 -
Yfevtyrjd F=G=- {tcby T=C= Rjycthdfnjhs b vtnfvjhajps ,hbnfycrjq
'rjyjvbrb= D c,=% Rjycthdfnjhs e dkfcnb% jgsn Dtkbrj,hbnfybb=
V=- 1992- c= 50-87
Yfevtyrjd F=G= <.l;tnyfz gjkbnbrf rjycthdfnbdyjuj ghfdbntkmcndf
Dtkbrj,hb-nfybb(r.70-[ cth= 80_[ uu=)= Lbc= r='=y=- V=% BVTVJ-
1987=
Jcflxfz B=V= Rjycthdfnbpv ghjnbd htajhvbpvf= V=- 1984=
Jcflxfz     B=V=     <.l;tnyfz       gjkbnbrf       ujcelfhcndf    yf       gthtkjvys[
'nfgf[% jgsn byle-cnhbfkmyj hfpdbns[ cnhfy= V"bVJ- 1995- #8-c=23-
34
Geirfhtdf D=V= Bcnjhbz abyfycjdjq vsckb b gjkbnbrb yfkjujd=V=-
1996=
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Dtkbrj,hbnfybb=             Frnefkmyst         dfk.nyj-abyfycjdst             ghj,ktvs
pfhe,t;ys[ cnhfy=V=- 1988- Dsg=3- c=36-45
Cntgfyjd >= Vtcnyst yfkjub d cnhfyf[ Pfgflf= "rjyjvbrf b ;bpym-
1994- #23
Cneltywjd     D=<=        Yfkjujdjt     htuekbhjdfybt       rfgbnfkjdkj;tybq           d
dtleob[ rfgbnfkcnbxtcrb[ cnhfyf[ b tuj htajhvf d 80-t ujls=
Bpdtcnbz FY CCCH=Cth= "rjyjvbrf-V=-1988-#5-c=131-144
Cneltywjd D=<=- {tcby T=C=Fyukbz% jn rtqycbfycndf r vjytnfhbpve=
V"bVJ-1984-# 6 c=66-78
Cevfhjrjd          D=Y=       Ujcelfhcndtyyst           abyfycs         d      cbcntvt
vfrhj'rjyjvbxtcrjuj htuekbhjdfybz=V=-1996=
Nbvjityrj    B=      <.l;tnysq       ghjwtcc    d     Dtkbrj,hbnfybb=         Ghfdj    b
'rjyjvbrf- 1994- #34
Njkreiby     F=D=-        Cedjhjd     L=D=     Frnekmyst     dfk.nyj-abyfycjdst
ghj,ktvs     pfhe,t;ys[        cnhfy%       Yfkjujdst    vtnjls    cnbvekbhjdfybz
yfexyj-nt[ybxtcrjuj ghjuhtccf d hfpdbns[ cnhfyf[=V=- 1991=
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vt;abhvtyyst cdzpb= VTbVJ-1995- # 4-cc= 120- 126
Abyfycjdst fcgtrns hsyjxyjq 'rjyjvbrb= Gjl htl=Xthybrf L=U=- V=-
1994=




                                                                                 - 136 -
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