Georgia Tax Agency Posts FAQs on Taxation of Microbusinesses (Corrected)

The Georgian Revenue Service Dec. 12 posted online FAQs on the taxation of microbusinesses. Topics covered include: 1) entities qualified to register as microbusinesses and activities disallowed for microbusiness status; 2) the disallowance of VAT registration; 3) rules for transitioning a microbusiness to the normal personal income tax regime, subject to income tax at 20 percent, and penalties for noncompliance; 4) rules for withholding taxes on payments for services; 5) the revocation or cancellation of registration and rules for changing economic activity types; 6) requirements for taxpayers to submit annual income tax returns by April 1 each year, and final ...