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.