Taxes in Georgia
Tax in Georgia
If you've been looking for opportunity to starting a business in Georgia for a while, you've heard many times that Georgia is very good in terms of tax laws and has a good tax system. Georgia has far fewer taxes than other European and Asian countries. Georgia ranks ninth in the world in terms of tax revenue, according to the World Economic Forum, and is arguably a paradise for those looking to pay low taxes.
Income tax in Georgia :
Georgia benefits from the new tax system, which is simply explained by the fact that if you do not withdraw the income from the company's system, you are not required to pay income tax on it. But if, for example, your company made a profit of $ 100,000 in one year and you raised $ 10,000 for personal use, you would have to pay 20 percent of the $ 10,000, or $ 2,000, tax. This type of tax system, which is very popular in the world, contributes greatly to the growth of businesses.
VAT:
VAT in Georgia is 18% and you have to pay any income from it, which is a very good number among European countries and neighboring countries. It should be noted that companies are exempted from paying VAT up to 100 thousand GEL. Also, this exemption is up to 200,000 GEL for individuals..
Import customs duty:
In Georgia, the customs duty on imports of various goods is between zero and 12 percent, depending on various issues, including the type of goods, the volume of goods and the country of export and production. To check the customs percentage of each product, you must inquire from the Georgian Customs Administration. For example, the customs tax on the import of agricultural equipment from Europe is zero and the customs tax on the import of tobacco is 12%.
We hope you find this article useful and enjoyable. If you need more specialized information about investment in Georgia, you can use the free advice of SisnoGorup experts.
