CEO of JII GROUP Inga Jintcharadze Discusses Recent Tax Amnesty Updates for Individuals

In a recent interview, Inga Jintcharadze, the founder and CEO of JII GROUP, accounting and audit firm, provided valuable insights into the latest developments regarding the tax amnesty announced on June 4, 2024. This amnesty is set to impact many individuals by offering a potential write-off of certain tax liabilities.

“The recent amendments to Article 309, specifically the addition of subparagraph ‘d’ to part 37, have brought significant relief to individuals who have recognized tax liabilities originating before January 1, 2021,” Jintcharadze explained. “The key takeaway is that if no transactions have been recorded on an individual’s personal account since January 1, 2021, the tax liabilities existing at the time of the write-off will be automatically erased.” Jintcharadze emphasized that this automatic write-off process is a substantial step forward in alleviating the tax burden for many.

However, she also noted that for those who have conducted transactions on their personal accounts post-2021 and still hold unpaid tax liabilities from before January 1, 2021, there’s a different approach. “In these cases, the tax liability may still be written off, but it will require an individual review either through a formal application process or based on a decision from the dispute resolution body,” she clarified. For individuals seeking more detailed information or guidance on how these changes might affect them, Jintcharadze recommended consulting the official documentation or seeking expert advice.

A comprehensive overview of the changes and their implications can be found through the following link. 

As tax regulations continue to evolve, Jintcharadze and her team at JII GROUP remain committed to helping their clients navigate these complexities with confidence and clarity.