Phase 1 Peer Review Report Summary: Georgia


The legal and regulatory framework in Georgia generally ensures the availability of all relevant information for tax purposes in accordance with the international standard, except for ownership information concerning foreign trusts administered in Georgia and foreign companies. The Georgian competent authority has broad access powers which can be used for exchange of information purposes. With regard to bank secrecy, however, the lack of an explicit exception in the banking law for disclosure to the tax authorities leaves some uncertainty in the application of the laws that may prevent effective exchange of information. Georgia’s network of EOI mechanisms covers 90 jurisdictions, comprising bilateral DTCs and the Multilateral Convention. Georgia’s response to the recommendations in this report, as well as the application of the regulatory framework in practice, will be considered in its Phase 2 Peer Review, which is scheduled for the second half of 2014. For further information on Georgia's exchange of information practices and to read the full report click here.


Related Documents