Setting up a business in a foreign country may bring to life many procedural matters that require thorough consideration. One of such could be getting professional accounting services in Georgia.
It is rather difficult for an individual independently, without a specialized education and experience to comprehend the specifics of each country. Regardless of business owners' endeavor to acquit themselves with all forms of financial reporting, periodic modification of normative-legal bases can lead to unexpected fines.
Professional accounting support can help to determine the following:
- Conserving time of the study the legal and regulatory framework;
- Timely submission of documents, submission of tax reports;
- Immaculate electronic accounting assistance;
- Timely notification of all changes, optimizing the tax burden on business;
- Spare time for business development.
Accounting belongs to a completely independent sphere of activity, which is always better to entrust to the professionals in the field. At that, the time spared from accounting support is better to exploit for business promotion and development.
Features of Tax and Financial Reporting in Georgia
Not long ago the Georgian Accounting system was introduced with the new features of reporting. All companies must submit their data to the Revenue Service, the information should be stored by the company for six years. Every submitted document must be composed in compliance with international standards and specific features of reporting:
- Reporting must be submitted once a year. Most legal forms are eligible for electronic submission on the monthly basis through the tax portal /rs.ge/. Operating with scans and electronic primary documents with signatures has the same authority as standard forms with wet stamps;
- All information about the company must be available to the public;
- The documents must reflect the financial position, cash flows, and operating results. With regard to the company, the name, legal form, registration number, legal address and type of activity should be indicated;
- The tax period starts on 1 January, but for newly registered companies from the date of registration. The end of the tax period falls on December 31;
- All declarations must be submitted before the 15th day of the month following the reporting month and accrued taxes paid within the specified period.
Simplified administrative procedures introduced in 2007 made the declarations submission process available from an online personal tax office. The online personal tax office contains basic information about the company and all movements of funds and accrued taxes. The accessibility of the online personal office eases the report submission process.
The violation of report filing requirements and delayed taxes may result in fines, ranging from a warning to property seizure and imprisonment. Audit evasion is also a punishable act, and the amount of penalty can increase if the company does not provide necessary documents within a month.
The ex-pats operating in a foreign country have to apprehend the importance of compliance with the existing taxation rules and regulations and avoid the slightest mistakes that attract the excessive attention of the inspection authorities.The specifics of submitting documents may vary depending on the area and form of company incorporation. Therefore one should thoroughly study the regulations before submitting any documents, along with every tax exemption during the state emergency.
An ideal version for sparing time and effort is to use the assistance of an acknowledged accounting agency. Qualified professionals not only accurately and timely will submit all the necessary reports but also will provide legal support. The Jara Accounting Agency endorses a wide range of accounting services for ex-pats in Georgia.