Regulatory Reporting is a business obligation to periodically submit information to state supervisory bodies regarding its activities, financial status, and compliance. As transparency standards increase in Georgia, reporting requirements have become stricter and broader. This applies not only to tax declarations but also to financial reporting for SARAS, statistical data for Geostat, and specific reporting for the National Bank (for financial institutions) and regulatory commissions (GNERC, Communications Commission). Incorrect, incomplete, or delayed reporting leads to substantial fines and increases the company's risk profile in the eyes of state agencies. This service ensures that your company's reporting is accurate, timely, and fully compliant with legislative requirements.
What does this service cover?
Regulatory reporting services cover the following aspects:
- Financial Reporting Preparation and Submission: Preparing financial and management reports for Category I and II enterprises, as well as PIEs (Public Interest Entities), to upload to the SARAS (Service for Accounting, Reporting and Auditing Supervision) portal.
- Tax Declaration: Preparing and submitting monthly (VAT, Income Tax) and annual (Profit Tax, Property) declarations on the Revenue Service portal (rs.ge).
- National Bank Reporting: Filling out forms established by the NBG for commercial banks, microfinance organizations, lending entities, and currency exchange points.
- Financial Monitoring Reporting: Submitting Suspicious Activity Reports (SAR) to the Financial Monitoring Service.
- Statistical Reporting: Completing mandatory quarterly and annual forms for the National Statistics Office of Georgia (Geostat).
Common Real-World Scenarios
Reporting services are critical for:
- Category 4 Enterprises: Even small companies are required to submit simplified financial statements to SARAS. Failure to do so results in fines.
- Branch of a Foreign Company: A branch must submit both tax and financial reports, requiring localization of international standards (IFRS).
- Energy Companies: HPPs and distribution companies are obliged to submit technical and financial reports to GNERC for tariff setting purposes.
- Crypto Companies (VASP): Under new National Bank regulations, Virtual Asset Service Providers are required to report regularly on transactions.
Georgian Legal Framework
Reporting obligations are defined by the Law on Accounting, Reporting and Auditing, the Tax Code of Georgia, and the Law on Official Statistics. For specific sectors, the Organic Law on the National Bank of Georgia and normative acts of relevant regulators (NBG, GNERC, ComCom) apply. Legislation strictly defines reporting deadlines and forms, violation of which is considered an administrative offense.
Process: How does a specialist work?
A lawyer and financial consultant jointly determine the company's reporting obligations based on its category and activities. A "Reporting Calendar" is created. The specialist collects necessary data from accounting, processes it, and fills it out on the relevant portals. Data validation (accuracy check) is performed before submission to eliminate errors.
Why Legal.ge?
Dealing with the state requires precision. On Legal.ge, you will find specialists who understand legal, financial, and technical details well. We ensure your reporting is flawless and timely, saving you from unnecessary headaches and financial sanctions. Be at peace in your relations with regulators.
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