Georgia's financial institutions to be required to report common reporting standard procedures
As part of the changes, the revenue service will be entitled to delegate received information to relevant agencies of other countries and ensure the inspection and control of the commitments imposed under CRS. Photo: Nino Alavidze/agenda.ge
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The parliament of Georgia has discussed amendments to the tax code set to be assigned to financial institutions in the country to provide information on common reporting standard-established procedures and financial accounting to the revenue service, the parliament announced on Wednesday.
As part of the changes, the revenue service will be entitled to delegate received information to relevant agencies of other countries and ensure the inspection and control of the commitments imposed under CRS.
The amendments also establish sanctions for financial institutions if they do not fulfil the commitments.
The parliament also announced the legal package had been developed in view of the fulfilment of the commitments stemming from Georgia's membership of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.
A total of ₾1.8 billion ($0.66bln) has been returned to taxpayers in Georgia in the first 10 months of 2022 as part of the VAT return reform, the country’s revenue service announced on Friday.
The Government of Georgia has supported three amendments in the country's financial legislation to facilitate the country joining the Single Euro Payments Area, the Ministry of Economy announced on Monday.
The Revenue Service of the Georgian Finance Ministry has recorded 70 cases of violations in procedures for using the national currency across Georgia over the last seven months, the Revenue Service of the Ministry said on Friday.
The Georgian Government has decided to create micro banks in the country in an effort to offer “increased opportunities” for financing small entrepreneurs and allocate new “credit opportunities” in the field of agriculture, Lasha Khutishvili, the Georgian Finance Minister, announced on Monday.