0186, Tbilisi, Georgia
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Introduction Recently, crypto technologies have become very popular in Georgia. Until now, crypto regulation was unregulated in Georgia, which raises the risks of money laundering and terrorist financing, but from January 1, 2023, the National Bank of Georgia began regualtion of the crypto industry. Regulation includes the registration[...]
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Introduction According to the order of the head of the Revenue Service N33544 of December 29, 2022, the methodical instruction was approved on the taxation of virtual zone IT company in Georgia. The methodological reference explains the rules related to granting and canceling the status of virtual zone[...]
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Introduction According to the order of the head of the Revenue Service N33543 of December 29, 2022, the methodical instruction on taxation of Free Industrial Zone Enterprise was approved. The methodical reference explains the rules of activity of the Free Industrial Zone Enterprise, including the permitted and prohibited[...]
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1. INTRODUCTION The profit tax rate in Georgia is - 15%. The following shall be subject to profit taxation: 1. Distributed profit; 2. Costs incurred or other payments not related to economic activity; 3. Free delivery of goods/services and/or transfer of funds; 4. Representation expenses paid in excess[...]
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1. INTRODUCTION 1. The legal capacity of natural persons to enter into an employment agreement shall commence from the age of 16. 2. The legal capacity of minors under the age of 16 to enter into an employment agreement shall derive from the consent of their legal representative[...]
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1. Introduction In order to attract foreign investment and boost the economy chapter XII of the Tax Code of Georgia offers a special taxation regime for small business entrepreneurs, which imposes significant tax benefits. In general, according to Georgian lax legislation, the income of a natural person is[...]
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1. Introduction In order to further improve the business environment in the country, strengthen Georgia's potential as a regional hub, and increase the interest of multinational international companies, the Government of Georgia allows companies to obtain "Special Trading Company" status and benefit from corporate profit tax. This status[...]
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1. Introduction to Cryptocurrency Taxation in Georgia Due to the growing interest in cryptocurrencies, the Georgian tax agency has issued a public decision regarding cryptocurrency taxation and delivery of computing speed (capacity) operations in Georgia. The public decision explains: A) VAT taxation of the supply of crypto assets[...]
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1. Introduction In order to further improve the business environment in the country, to strengthen Georgia's potential as a regional hub, and to increase the interest of multinational international IT companies, the Government of Georgia allows companies to obtain "International IT Company" status and benefit from tax breaks.[...]
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1. Introduction One of Georgia’s goals is to become an information technology center in the region, and since 2011 the country has been attracting international investment and stimulating the IT business. Even from January 1, 2011 law on information technology zones came into force, changes were made to[...]
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