Georgian law distinguishes four categories: micro enterprises file simplified statements; small and medium enterprises report under IFRS for SMEs; large enterprises and public companies prepare full IFRS financial statements. An independent audit is mandatory for large companies. The reporting period follows the calendar year, and the filing deadline is 1 October of the year following the reporting period.
A standard financial reporting package includes: a balance sheet, a profit and loss statement, a cash flow statement, and notes to the financial statements. All filings are submitted electronically through the Revenue Service portal.
What the client needs to provide
- Source documents for the reporting year (invoices, acts, bank statements)
- Fixed asset and depreciation records
- Information on share capital and ownership structure
- Details of loans, credit facilities, and other liabilities
Timeline
Typical preparation time, given complete source documents, is 5–15 business days. The final report must be filed no later than 1 October.
Frequently asked questions
Is it necessary to file a report if the company had no activity?
Yes. Even if the company had no revenue and made no transactions, it must submit a nil report. Georgian law does not provide exemptions for dormant companies.
Which reporting standard applies to a small LLC on the standard tax regime?
Most small foreign LLCs in Georgia fall into the small or medium enterprise category and prepare financial statements under IFRS for SMEs. The exact category is determined by the financial indicators from the previous year.
Is an audit mandatory for all companies?
No. An audit is mandatory for large enterprises, public companies, and certain regulated organisations. Small and medium enterprises are audited voluntarily or at the request of a bank or investor.
What happens if the report is not filed on time?
Failure to file or late filing results in administrative liability: a fine under the Tax Code of Georgia. The exact amount depends on the type of violation.
Can a company file its own report without an accountant?
In principle yes: the Revenue Service portal is accessible to any authorised company representative. In practice, correctly preparing IFRS-based statements requires professional knowledge, and most companies use an accountant or an outsourcing firm.