The tax debts collection strategy in Georgia is changing from automatic fiscal punishment approach to a preventive measures’ implementation style. Previously, in case of any kind of tax debt, regardless of the amount and the frequency of such cases, coercive…
Tax administration is being tightened in several directions nowadays. According to the new tax bill, the changes will affect both individuals and legal entities. One of crucial novelties coming into effect starting from 2024 is related to the requirements of…
Tax administration is being tightened in several directions. According to the new tax bill, the changes will affect both individuals and legal entities. One of the changes, coming into effect starting 2024, will concern the additional income (i.e. the difference…
In 2022 – 2023 basic reserve currencies decreased in comparison to the Georgian Lari respectively: EUR-21%, GBP-25%, CHF-17% and USD-19%. The chart shows the dynamics of these currencies over the previous 15 months in Georgia: Apparently, GEL has been resistant…
How to open a bank account in Georgia and what Expats need to consider? There are no legal restrictions for non-residents to open bank accounts in Georgia. However, when it comes to dealing with expats and foreigners, in some cases…
An amendment was made to the Resolution of the Government of Georgia of March 30, 2010 No. 96, which provides the introduction of a new condition for the payment of service fees to the Revenue Service. Those taxpayers, who apply to the tax office electronically from their authorized user page, are either exempt from the service…
Tax revenues are one of the largest sources of income for the Georgian budget. At the same time, the tax administration itself is simpler than ever- thanks to the “one window” principle. The Georgian Ministry of Finance has got off…
Since 2020, a highly important wide-scale change was implemented regarding tax administration. Based on the declarations submitted for a particular month, the taxpayer receives an automatic refund of the existing VAT surplus to his bank account. The system is fully automated,…
In October 2020, the Georgian government launched a program available for companies offering IT and maritime services wishing to acquire the status of an international company within the country. In just over half a year, 3 maritime and 14 IT companies have already received such international…
The tourism sector, which employs about 150,000 people, has been hit tremendously by the COVID-19 pandemic. For more than 6,000 companies linked to tourism, property tax and income tax payments were deferred for 4 months until November 1st. In addition, 2,200 hotels, with…