LegalGELegalGE
...

Tax Reporting Requirements

What is the penalty for not submitting financial statements to SARAS?

Failure to submit annual financial statements to SARAS results in fines ranging from 500 to 10,000 GEL, depending on the enterprise category, and public listing as a non-compliant entity.

Do I need to file a tax return if my company had no activity?

Yes, in many cases, you must file "zero" declarations to inform the tax authority of your inactivity. Ignoring this can lead to automatic fines or estimates of tax liability by the RS.

What is CbCR (Country-by-Country Reporting)?

It's a requirement for large multinational groups to report revenue, profit, and taxes paid in each jurisdiction. If your Georgian entity is part of such a group, specific notifications must be filed with the RS.

Can I outsource my tax reporting to Legal.ge?

Yes, we offer full tax compliance outsourcing. We track all deadlines, prepare declarations, and manage your RS.ge portal, ensuring you focus on business while we handle the bureaucracy.

Reading Time

2 min

Published

...

Compliance with tax reporting requirements is a complex challenge for companies operating in Georgia. It is not limited to monthly declarations. Depending on the business type and size, a company may face additional obligations, such as: submitting financial statements to SARAS (Service for Accounting, Reporting and Auditing Supervision), transfer pricing documentation, withholding tax information, and special VAT refund reports. Each report has its deadline and format. Missing deadlines or providing incorrect information leads to administrative penalties and increases the risk of a full-scale tax audit.

Our service includes complete management of tax and financial reporting. Specialists offer:

  • Creating a reporting calendar for the company and monitoring deadlines;
  • Preparing financial statements for Category IV and other enterprises according to SARAS standards (IFRS for SMEs);
  • Verifying the accuracy of income tax and pension declarations;
  • Preparing annual property tax declarations;
  • Fulfilling Country-by-Country Reporting (CbCR) obligations for members of international groups;
  • Administering the RS.ge personal page and responding timely to notifications.
This service ensures your company never misses a mandatory report.

Knowledge of reporting requirements is essential in various situations. For example, a company qualifying as a Category III or IV enterprise must submit financial statements to the SARAS portal by October. Failure to do so results in significant fines. Another example is a branch of a foreign company, which has specific obligations regarding declaring profit repatriation. Also, for VAT payers, timely uploading and confirming invoices is critical to avoid losing credit rights. Specialist assistance eliminates technical errors that often occur during reporting.

The legal framework relies on the "Tax Code of Georgia" and the "Law on Accounting, Reporting and Auditing." The latter categorizes companies by size and sets differentiated requirements. Additionally, sectoral regulations (e.g., National Bank, Energy Commission) may require supplementary reporting. A lawyer and auditor ensure harmonization of all these requirements.

The process begins with determining the company's status. The specialist identifies which reports are mandatory for the specific business. Then, data is collected, and reports are generated in the required format (e.g., XBRL). With the help of a specialist on Legal.ge, you receive a guarantee that your reporting is accurate, timely, and compliant with standards.

Legal.ge is a platform uniting top financial and legal experts. Reporting is not just numbers; it is an indicator of company transparency. Fulfill your obligations with quality using Legal.ge.

Updated: ...

Specialists for this service

Loading...