The Business Association of Georgia discussing another series of issues concerning the tax legislation with the Revenue Service of Georgia
26 Dec '11
The Business Association of Georgia discussed another series of issues concerning the tax legislation with the Revenue Service on December 26. The meeting was held within the framework of the cooperation format established between BAG and the RS. At this meeting the businessmen had the opportunity to discuss practical questions of their interest with the Deputy Head of the RS Audit Department Mr. David Bughadze, the Head of Information Consultation Unit of Taxpayer Service Department of the RS, Ms. Nana Mumladze and Deputy Head of the Prevention Department of the RS, Mr. David Vardiashvili. About twenty items were included in the agenda for discussion, including:
Identify registration data on Inventory holdings balance according to their location.
Write off procedures for main assets that are indisposable.
Clear distinction of a Credit Notes and Bad Debt Forgiveness.
Calculate property tax for the immovable property which will be used as a main asset.
Right taxation time for the unfinished building used as a mortgage with an outstanding obligation from supplier to finish the works.
According to the Article #104 of a Tax Code, before emission of securities whether services provided (for the emission) considered as an income derived from Georgian source or not.
Qualify immovable property of a mortgage loan as a main asset.
Taxation of insurance compensation received upon an accident.
For the non banking sector reassessment of Currency balance (money accounts as well as debtors and creditors) upon results applying or deducting income tax.
Representatives of the companies received relevant information about the vision of the RS on the issues discussed allowing them to correctly use respective regulations of the Code and avoid further problems in the future. The Business Association will be hosting the next regular meeting with the Revenue Service already in the January of next year.