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Georgia

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About

Georgia

Capital
Official languages
Population 
Currency

ISO 4217

Atlanta

Georgian

10,617,423

Lari

GEL

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Economy

"Georgia has a strong and growing economy. According to the Bureau of Economic Analysis, the state’s Gross Domestic Product (GDP) was $541.3 billion in 2019, a 4.2% increase from 2018. This growth was driven by the state’s strong manufacturing sector, which accounted for nearly 20% of the state’s GDP. Additionally, the state’s agricultural sector contributed $14.3 billion to the economy in 2019, making it the second-largest contributor to the state’s GDP.

The state’s unemployment rate has also been steadily declining, dropping from 4.3% in 2018 to 3.7% in 2019. This is well below the national average of 3.9%. Additionally, the state’s median household income was $60,224 in 2019, which is slightly higher than the national median of $61,937.

Overall, Georgia’s economy is strong and growing. The state’s GDP has been steadily increasing, and its unemployment rate is well below the national average. Additionally, the state’s median household income is slightly higher than the national median."

Taxation

Georgia is a country located in the Caucasus region of Eurasia with a tax system that includes both corporate and personal taxation.


Corporate taxation in Georgia is currently at a standard rate of 15%, which is one of the lowest rates in the world. However, there are some deductions and allowances available, such as those for research and development, investment in machinery and equipment, and charitable donations.


Individuals in Georgia are subject to a flat income tax rate of 20%, regardless of income level. However, there are also various tax credits and exemptions available, such as those for dependents, medical expenses, and education expenses.


The tax year in Georgia runs from 1 January to 31 December, and tax returns must be filed by 1 April of the following year. Taxpayers can file their returns electronically or on paper. Tax payments are typically due in two instalments, with the first instalment due by 15 July and the second instalment due by 15 October.


Taxpayers in Georgia can choose to pay their taxes either monthly or in a lump sum. Monthly payments are based on the previous year's tax assessment and are paid on the 15th day of each month. Lump sum payments are due in July and October and can be paid either online or at a bank.


In addition to income taxes, there are also taxes on capital gains, dividends, and other types of income. Georgia also has a value-added tax (VAT) system, which is similar to the sales tax system in other countries. The VAT rate in Georgia is currently set at 18%.


It is important to note that tax laws and regulations in Georgia are subject to change. Taxpayers should consult with a tax professional or the Georgian tax authority for the most up-to-date information on tax rules and procedures.

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