Introduction of Special Tax Treatments and Statuses in Georgia
In 2023, Georgia introduced several special tax treatments and statuses to support different types of businesses, including micro and small businesses. These special statuses provide various tax benefits aimed at promoting entrepreneurship and economic development.
Micro businesses, for instance, benefit from simplified tax regimes and reduced tax rates. Small businesses also receive preferential treatment, such as lower income tax rates and simplified reporting requirements. These measures are designed to reduce the administrative burden on small enterprises and encourage their growth.
Another noteworthy status is the "Fixed Taxpayer" status, which allows businesses to pay a fixed amount of tax annually, simplifying the tax payment process and providing more predictability in financial planning.
These initiatives are part of Georgia's broader strategy to attract investment and support local businesses by creating a favorable tax environment. More details about these special tax treatments can be found on the Revenue Service website.
