Georgia Gazettes Order Introducing New Annual Requirements, Amendments to International Controlled Transactions Reporting Framework

The Georgian Official Gazette Feb. 25 published Order No. 52, amending the tax administration rules regarding international controlled transactions reporting. The order includes measures: 1) introducing mandatory additional reporting schedules for taxpayers exceeding 500,000 Georgian lari (US$186,567) in internationally controlled transactions and amending the profit tax declaration structure to incorporate these disclosure requirements, including for related-party transactions, volumes, balances, and transfer pricing documentation status; and 2) amending the conditions and timing for submitting reporting schedules by requiring one schedule to be filed with the March reporting period declaration and another with the annual profit tax declaration, covering the prior year’s ...