The Main Accounting Formalities in Georgia

You can find here information on the main accounting formalities in Georgia: https://companyformationgeorgia.com/accounting-in-georgia/.

1. ACCOUNTING
FORMALITIES
IN GEORGIA
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2. HIRE AN ACCOUNTANT
Any company or organization that needs to complete
various accounting formalities is required to hire an
accountant.

3. SERVICES
An accountant can offer services
such as:
tax planning;
bookkeeping;
preparing financial statements;
submitting tax reports, etc.

4. ACCOUNTING OBLIGATIONS FOR COMPANIES
Legal entities must
maintain and
submit financial
statements as per
the Georgian law.

5. LEGISLATION
The law on accounting in Georgia is given by the
following:
the International Financial Reporting Standards (IFRS);
the International Standards on Auditing;
the Law of Georgia for Accounting and Financial Audit.

6. IFRS STANDARDS
Companies have to submit financial statements in accordance with
the IFRS adopted by Georgia.

7. Accounting procedures and
reporting obligations can vary
from one company type to
another. Differences may appear
based on the size of the
company.

8. SOLE TRADERS
Sole traders are taxed following the
principles for personal taxation. As
such, their accounting obligations
are different than the ones of other
companies.

9. THE FISCAL YEAR
In Georgia, the financial year
starts on January 1st and
ends on December 31st.

10. TAXES
Companies in Georgia must pay the
corporate income tax, the VAT, import
taxes, social security, etc.

11. Thank You for Your Attention!
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