Transparency International Georgia has analyzed the legal and economic implications and threats that could arise following the entry into force of the new regulations of tax liens. This has become particularly obvious now that we are witnessing how the aforementioned amendments are being applied in practice to certain financial institutions. We believe that the new rules for determining the priority of liens will have a serious negative impact on financial institutions and borrowers in Georgia, and will create an unfavorable environment for them. Moreover, these rules will also have a negative impact on foreign investment, as well as the Georgian financial and economic system as a whole. In particular: