JII GROUP’s Inga Jintcharadze Discusses Crucial Tax Steps for Companies in Dissolution

In a recent discussion, Inga Jintcharadze, the founder and CEO of JII GROUP, provided an in-depth explanation of the newly implemented tax obligations for entities undergoing dissolution, which came into effect on June 27, 2024. These changes are set to impact numerous businesses that are in the process of winding down their operations.

“According to the amendments aligned with the Georgian Law on Entrepreneurs, companies that are dissolving are now required to fulfill a series of tax-related obligations to ensure compliance before they officially close their doors,” Jintcharadze shared. “This includes the submission of final tax declarations, deregistration of any cash registers, and the destruction of documents that are equivalent to receipts.”

Jintcharadze further highlighted the importance of these measures: “In addition to closing their last bank or payment accounts, dissolving companies must also ensure that all tax invoices in material form, including special tax invoices, are properly destroyed. Moreover, any real or movable property owned by the entity, including inventory and other material assets, must be appropriately disposed of or transferred.”

She also mentioned that there are additional obligations as defined by the order of the Head of the Revenue Service. “Each dissolving entity must carefully review and comply with all specified obligations to avoid any future complications or legal issues,” Jintcharadze emphasized.

For those interested in a detailed breakdown of these obligations, further information can be accessed through the following link - https://matsne.gov.ge/ka/document/view/6204709?publication=0

As these new regulations take hold, Inga Jintcharadze and her team at JII GROUP are dedicated to providing the necessary guidance to businesses navigating the complexities of dissolution.