Recent Changes to the Tax Code in Georgia

 

In 2024, significant amendments were made to the Tax Code of Georgia, impacting various aspects of business operations for Individual Entrepreneurs (IE), Limited Liability Companies (LLC), and Joint Stock Companies (JSC). Notably, a new provision was introduced to address recognized tax debts. According to the updated code, tax debts incurred before January 1, 2021, by natural persons, including penalties, will be written off if they existed at the time of this amendment. This change aims to alleviate the financial burden on businesses and individuals with longstanding tax liabilities.

 

Additionally, specific changes were made regarding the dissolution process of entities. New guidelines stipulate the tax obligations that must be fulfilled when an entity is in the process of dissolution. This includes the submission of necessary documents and the completion of all pending tax payments to ensure a smooth dissolution process.

 

These amendments reflect the Georgian government's ongoing efforts to streamline tax administration and provide relief to taxpayers, thereby fostering a more business-friendly environment.

 

For more detailed information, you can visit the official Revenue Service website.