Taxation of international executives
Are there social security/social insurance taxes in Georgia? If so, what are the rates for employers and employees?
Are there any gift, wealth, estate, and/or inheritance taxes in Georgia?
No, but some items are covered by income tax rules.
Are there real estate taxes in Georgia?
The real estate (buildings/constructions or their parts) owned by an individual are subject to property tax. The tax base is the market value of the property. The tax rate depends on income level of individual’s family for the tax year; the rates are determined by local authorities within the range (0.05 percent to 1 percent) provided by TCG.
Are there sales and/or value-added taxes in Georgia?
Georgia imposes value-added tax (VAT), which is a tax on consumer expenditures. VAT is applicable at 18 percent of taxable supplies. Some goods and services may be exempt from VAT (with or without the right to credit input VAT). However, VAT is not applicable to Georgian employment income.
Are there unemployment taxes in Georgia?
Are there additional taxes in Georgia that may be relevant to the general assignee? For example, customs tax, excise tax, stamp tax, and so on.
Customs payments on importation of goods
The taxes (VAT and import tax) should be considered while importation of goods on the territory of Georgia, however, an individual in the course of a day (24 hours) may in certain cases import goods without any mentioned payments. Exceptions also include the following.
Is there a requirement to declare/report offshore assets (e.g., foreign financial accounts, securities) to the country’s fiscal or banking authorities?
No special requirement. However, Georgian Legal entities and individual entrepreneurs are obliged to notify the GTA about opening of foreign bank accounts (except for deposit accounts);
© 2018 KPMG Georgia LLC, a company incorporated under the Laws of Georgia, a part of KPMG Europe LLP group, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.