In this page:
Accounting Rules |
Tax Rates |
Intellectual Property |
Legal Framework |
- Tax Year
The fiscal year is the calendar year.
- Accounting Standards
IFRS, as promulgated by IASB (International Accounting Standards Board), has been translated and fully adopted and made mandatory as the only reporting standards in Georgia for a majority of enterprises (excluding sole entrepreneurs, small businesses and non-commercial legal entities).
Sole entrepreneurs, small businesses and non-commercial legal entities perform accounting and financial reporting following the simplified interim standards, approved by the parliamentary Accounting Commission.
- Accounting Regulation Bodies
Ministry of Finance
- Accounting Reports
A balance sheet, a profit and loss account, the notes.
Instead of the balance sheet and the statement of profit and losses, small enterprises may draw up an inventory list and profit-and-loss account in compliance with the tax legislation.
- Publication Requirements
An enterprise shall publish information and facts, in particular the data of the Entrepreneur’s Register, the information concerning the voting shares and the partners' meetings.
- Professional Accountancy Bodies
Association of Chartered Accountants and Auditors
- Certification and Auditing
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact an external auditor: Deloitte, Ernst & Young, PricewaterhouseCoopers.
Further information on the website of the Association of Chartered Accountants and Auditors.
- Accounting News
- Company Tax
- Tax Rate For Foreign Companies
- Capital Gains Taxation
Capital gains are taxable as business income at the regular corporate income tax rate.
- Main Allowable Deductions and Tax Credits
Deductible expenses are as follows:
- interest (within limits);
- reserves of insurance funds;
- scientific research;
- depreciation of fixed assets;
- insurance costs;
- prospection and extraction of resources;
- depreciation of intangible assets;
- taxes and fines (within limits);
- expenses and losses on the sale of property.
- Other Corporate Taxes
Real property tax, fee for the use of natural resources.
Country Comparison For Corporate Taxation
||Eastern Europe & Central Asia
|Number of Payments of Taxes per Year
|Time Taken For Administrative Formalities (Hours)
|Total Share of Taxes (% of Profit)
- Last Available Data.
- Allowable Deductions and Tax Credits
Expenses related to business activities are deductible for individual entrepreneurs. There are no personal deductions or allowances.
- Special Expatriate Tax Regime
There is no special tax regime for expatriates.
Double Taxation Treaties
- Countries With Whom a Double Taxation Treaty Have Been Signed
See the list of the conventions signed
- Withholding Taxes
Dividends: 3%, Interest: 5%, Royalties: 10%
- Bilateral Agreement
Georgia and Lebanon are not bound by a Double Taxation Agreement.
Learn more about Taxes and Accounting in Georgia on Globaltrade.net, the Directory for International Trade Service Providers.
- Independence of Justice
The judiciary is not fully independent, with courts influenced by pressure from the country's executive branch.
- Equal Treatment of Nationals and Foreigners
Foreign nationals cannot expect a fair trial from the country's judicial system.
- The Language of Justice
Georgian is the judicial language in the country; with Abkhaz being the judicial language in Abkhazia.
- Sources of the Law and Legal Similarities
The main source of the law is the constitution of 1995, which is based on a civil law system. Georgia accepts compulsory ICJ jurisdiction. Georgia is a member of the CIS (Commonwealth of Independent States).
- Checking National Laws Online
Learn more about Lawyers and Legal in Georgia on Globaltrade.net, the Directory for International Trade Service Providers.
- General Information
Kwintessential, Advice on how to negotiate in Georgia
- Opening Hours and Days
Most companies open from Monday to Friday. Opening hours for shops and financial institutions are from 9 am to 6 pm, with a break at 1 pm.
Most retail outlets are open on Saturday between 9 am and 6 pm.
|New Year's Day
|Orthodox Good Friday
|Orthodox Easter Monday
|Saint Andrew's Day
|Assumption of Our Lady (Mariamoba)
|Saint George's Day
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Last Updates: May 2013