Georgia is a country with low tax rates and transparent tax system. Tax and customs legislation is unified under one tax code and the collection of taxes and supervision of the tax environment is provided by Georgia Revenue Service. All tax administration procedures and customs clearances are online/web-based. There are only 6 flat taxes in Georgia:
- 15%Corporate Profit Tax
- 20%Personal Income Tax
- 18%Value Added Tax (VAT)
- 0%, 5% or 12%Import Tax
- on few selected goods Excise Tax
- up to 1%Property Tax
Only property tax is a local tax, all other taxes are national. Personal income tax for interest, dividend and royalty is 5%. Georgia doesn’t have payroll, social security, capital gains, wealth or inheritance tax. Furthermore, the Tax Code of Georgia gives an opportunity to the companies to use accelerated depreciation on capital assets (including full deduction during first year) and loss carry forward for corporate profit tax purposes (10 years).
According to the Economic Liberty Act, Government is not allowed to increase national tax rates (except excise tax) or number of taxes without national referendum.
Georgia has Double Taxation Avoidance Treaties with 52 countries.
The Country doesn’t have restrictions on currency convertibility or repatriation of capital & profit.
According to Global Corruption Barometer of Transparency International, 0% of interviewed reported paying bribe to the tax administration. World Economic Forum’s Global Competitiveness Report named Georgia #9 among low tax rate economies. These emphasize the simplicity and reliability of Georgian tax system.