Georgia

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15% from Profit

Regarding crypto taxation, the following decisions were taken by the Ministry of Finance:

• Income received by an individual from the supply of crypto assets is tax-free
• Individual supply of a crypto asset (exchange of a crypto asset for national or foreign cash) is also VAT exempt
• Simultaneously, crypto firms must pay corporation fees on revenues, including those generated abroad. Companies should pay a 15% tax on each transaction if they profit from it.

Georgia implemented the "Estonian model" of taxes on January 1, 2017, which is based on the premise of taxation solely from distributed profits. This means that businesses are free from paying income tax if they do not issue dividends and instead invest in corporate development.

Remember that if you want to gain tax benefits, you should consider forming a company in Georgia's FIZ. The following are the primary benefits:

• Property tax exemption for registered companies in FIZ Georgia
• There is no VAT or import duty on items brought into the FIZ
• There is no VAT on transactions between FIZ-registered firms
• If the conditions set out in Georgia's Tax Code are met, the company's profits may be excluded from corporate tax
• There are, however, no restrictions on capital repatriation.

The Georgian government has promised to implement the Common Reporting Standard (CRS) by 2023. The government believes that implementing CRS will boost the country's budget since it will assist identify the income of taxpayers who have previously avoided the introduction and payment of taxes. Georgia will join the 113 other countries that have already adopted automatic exchange.

• National Bank of Georgia

No requirements.

Realistic term for a new, from scratch company, is 2 - 4 month.

But, we sometimes have ready-made solutions that can take no more than 3-6 weeks. Just ask us about what we have available.