Ease of accounting and tax declarations filing in Tbilisi, Georgia

Published in Economics
Thursday, 21 April 2022 10:43

Potential investors interested in investing in Georgia are often attracted by ease of accounting requirements, as well as low tax rates in Georgia. In this article we will be going through the key aspects of financial services in Tbilisi, Georgia.

Accounting in Georgia

In accordance with the local requirements, Georgian businesses should comply with the International Financial Reporting Standards (“IFRS”) of accounting. Local tax code and respective requirements are also based on the IFRS accounting. This makes easy for foreign investors to understand and comply with local standards.

Georgia is considered one of the most investor-friendly countries in the world with worldwide 7th place in ease of doing business. Among other things, this is attributable to highly qualified local accountants. Any investor can count on international level of service from the local accounting firms.  

Tax declaration filing requirements in Georgia

As mentioned above, local tax code is based on IFRS accounting and therefore is quite easy to grasp for foreigners. There are number of incentives for international investors. In most cases, investors enjoy much lower tax rates than local businesses. For certain priority industries, tax rates are even close to zero.

Over the years, Georgia has conducted multistep tax-reform, leading to a current tax code, which is very lucrative for foreign investors. Besides, tax declaration filing is an easy process, with all declarations being filed through state electronic portal, which enables investors to track all applicable taxes online.

More about Accounting services in Tbilisi - https://ants.ge/  

 

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  • Accounting profession in Georgia

    In Georgia, like in many other countries, accountants are needed in each business, regardless of their industry or size. Accountants have important roles of maintaining companies’ accounting records, filing tax declarations, and presenting financial reports. 

    How developed is accounting service in Georgia?

    In Georgia, accounting industry is quite advanced. All large international accounting firms are presented on local market and have been providing quality services for decades now. Besides, there are number of local accounting companies offering high quality accounting services to foreign investors. If you are a foreign investor considering entering Georgian market, then as one of your first steps, you should find and contract accounting company operating on local market. Local accounting and bookkeeping service level is quite advanced, and local firms have customer-satisfaction as key priority in all their business conduct. They appreciate importance of foreign investments and are trained to treat foreign clients with diligence and care.

    Local mandatory requirements

    In Georgia, as in all European countries, companies are required to file monthly tax returns and pay taxes that are due (if any). Besides, once in every year, companies are required to prepare and submit annual report, which includes companies’ financial and non-financial information. In general, local requirements are relatively soft and lucrative for foreign investors. Tax rates are low and bureaucracy burden is small. This is because of the state policy to attract foreign investments. Georgia, as a country depends on foreign investors, therefore its policies are fit to invite foreign investments. Georgia is ranked as number 7 internationally in terms of ease of doing business.   

    Georgian companies that provide accounting services take care of all tax declaration and annual report requirements in scope of their contracts. They usually charge small fees for their services to attract and retain foreign investors.

  • SSA Marine to Become Anaklia Port’s Operator and Investor

    SSA Marine, one of the largest American companies, will become the operator of Anaklia Port Terminal and one of its investors, a relevant agreement was signed today at the Administration of the Government of Georgia.
     
    The signing ceremony was attended by Georgian Prime Minister Giorgi Kvirikashvili.
    Along with the Conti Group, SSA Marine is the second American giant to invest heavily in the development of the Anaklia Port.

    SSA Marine, one of the largest global operators, runs over 250 strategic terminals in five continents and serves 27.2 million containers (TEU) annually. SSA Marine introduces modern innovative technology standards in design, operating, and project development.
    Before the signing ceremony, Georgian Prime Minister Giorgi Kvirikashvili held a meeting with SSA Marine's Vice President Robert Watters and the founders of the Anaklia Development Consortium. The parties discussed Anaklia Port-related issues, Georgia-US economic partnership, and Georgia's attractive investment environment.

    The Prime Minister emphasized the US Vice President's visit and the importance of America's support for Georgia.
    "Very important is the visit of the Vice President of the United States, and Georgia is grateful for the vitally important support of the US. We all heard the strongest messages of the US support for Georgia, which is another reassurance, another guarantee for the success of US-Georgia economic cooperation. We are really committed to bringing more economic substance to our bilateral strategic cooperation, and this is not another but one of the most important evidence of this excellent cooperation," the Prime Minister stated during the meeting.
    Robert Watters thanked the Head of Georgian Government for his support since the very outset.

    The Anaklia Deep Sea Port Project launched in 2016. The Anaklia Development Consortium developed the Anaklia Port's master plan and preliminary design, also conducting over 50 terrain, water and environment, and engineering analyses for different directions of construction. Work is already underway on a strategy for the development of the city of Anaklia and the special economic zone.
    Construction work on the Anaklia Port is expected to launch in the second half of 2017.

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