When opening his own business in a foreign country, the manager faces a number of issues that need to be addressed. One of the most specific issues is professional accounting services in Georgia.
It is quite difficult for a person without specialized education to understand the specifics of each country independently. Regular changes in the regulatory framework may still result in fines for non-compliance with the latest changes. Expats who have started a business and familiarize themselves with all forms of reporting may still be fined.
Professional accounting support can help solve the following tasks:
- Saving time to study the legal and regulatory framework of the country where a business is opened;
- Timely submission of documents, submission of tax reports;
- Full maintenance of electronic accounting;
- Timely notification of all changes, which allows optimizing the tax burden on business;
- The free time can be used for business development.
Accounting is a separate sphere of activity of any business and it is better to entrust it to professionals and to direct their own forces on creativity or popularization of a brand.
Features of tax and financial reporting in Georgia
Recently, new features have been introduced in the filing of reports. All companies must submit their data to the tax office and keep it for 6 years. All documents must comply with international standards, but at the same time there are a number of reporting features:
- Reporting is provided at least once a year, and for most legal forms it is possible to submit reports electronically through the tax portal RS.ge every month. Operating with scans and electronic primary documents with signatures is the same norm as classical forms with wet stamps;
- All information about the company must be available to the public;
- The documents must reflect the financial position and cash flows, and the results of operations. 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, and 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 payment of accrued taxes must be made within the specified period.
Since 2007, the administration procedure has been simplified and all declarations can be submitted through a personal online office. The cloud area contains basic information about the company, as well as all movements of funds and accrued taxes. The office is available to the user at any time, which allows all reports to be submitted at a convenient time.
Tax violations or late filing of reports are subject to punishment ranging from a warning to property seizure and imprisonment. Evasion of an audit is also subject to fines, which are increased if the company does not provide documents within a month.
It is important for all ex-pats to understand that in a foreign country it is particularly important to comply with all tax rules and avoid the smallest mistakes that attract excessive attention from the inspection authorities. The specifics of submitting documents may vary depending on the area and form of incorporation of the company, so it is necessary to carefully study the regulations before submitting any document. In particular, be aware of all tax exemptions during the crisis in the country.
An option that will free up a lot of time and effort is to apply to a professional accounting agency, which will not only timely and accurately submit all the necessary reports, but also provide legal and legal support. Jara Accounting Agency provides a wide range of accounting services for ex-pats in Georgia. You can leave an application and we will call you back and give you a free consultation on all the questions you are interested in.
COST OF ACCOUNTING IN GEORGIA
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