Tax and Financial Services
Tax audit
Our tax audit service protects you and insures against tax violations identified during the tax audit of the controlling unit, about which you get detailed information in advance, therefore, you have the opportunity to decide to resolve the tax violation and be exempt from tax deductions. The tax audit service offers to determine the accuracy of the payment (tax liability) to the budget of your economic activity, to identify tax risks, and to reduce and minimize them.
These services include:
Check the accuracy of the declarations, calculations, and information submitted by you to the rating authority, including income tax, profit tax, asset tax, excise tax, value-added tax, etc.;
Comparison of primary documentation with the declared data and, if available, accounting records;
Study the issues of taxation of relevant transactions in the process of economic activity.
A tax audit report and/or a letter of recommendation will be prepared on the results of the tax audit, which will be prepared according to the following principle:
Factual circumstance
A description of the relevant factual circumstances will be given for each transaction for which tax risk and/or tax evasion will be identified.
Problem
A problem will be formed, Georgian legislation tax norms and compliance audit will be explained in detail, which have been violated or may be considered as a violation in case of inspecting by the controlling unit (tax), indicating the relevant responsibilities;
Recommendation
An appropriate recommendation will be issued for tax risks and tax violations identified after inspecting- with an indication of specific actions to rectify the problem.
Support in the tax audit process
It is very important to conduct the tax audit process properly until the information/documentation is delivered to the controlling unit, including the spreadsheets, on which the actual tax audit results depend.
Tax audit support services assigned by the Audit Department of the LEPL Revenue Service include:
Develop and prepare the correct form for submitting the information/documentation, calculation spreadsheets, accounting data, and primary documentation required by the controlling unit during the inspection process;
Representation in the controlling unit to protect your interests.
Tax disputes
After the tax audit conducted by the Revenue Service, additional taxes and fines are imposed on taxpayers, which is often disputed, because the basis for charging to account is a different interpretation by the controlling unit, etc.[br]We have huge experience with taxpayers in reducing and eliminating over-accrued basic tax and fines.[br]Our team will help and protect your interests, both in the structural units of the Ministry of Finance of Georgia and in court.
Tax dispute service includes:
Full representation in dispute resolution administrative organs to protect your interests;
Examine the main tax and penalty (fact sheets and calculation tables) additionally charged by the tax audit act drawn up by the controlling unit and/or the evasion report, to determine the compliance of the identified tax evasion with the tax legislation;
Prepare the Dispute Resolution Administration, which will be supported by relevant evidence, including spreadsheets and required information/documentation;
Check the accuracy of the conclusion and recalculation results and, if necessary, appeal it.
Financial reporting components (forms) preparation services
A financial statement is a structured financial picture of a company’s financial position that is prepared based on accounting data.
The financial statements consist of the following components (forms):
• Accounting balance;
• Profit/loss accounting;
• Reporting changes in equity;
• Cash flow reporting;
• Explanatory notes.
The information contained in the financial statements allows its customers to be aware of the financial condition of the company.[br]The main users of financial accounts are Company management; Founders; Creditors, Accounting, Reporting and Auditing Supervision services; Investors and others.
In the Accounting, Reporting and Auditing Supervision Service, all categories of enterprises (including third and fourth category enterprises) following the legal requirements set by the above service, offer financial reporting form preparation services to International Accounting Standards (IAS), International Financial Reporting Standards (IFRS). International Auditing Standards (IAS) and the requirements of Georgian legislation.
Financial audit and assurance services
Financial audit
Provides compliance with the International Accounting Standards (IAS) in determining the Company’s accounting compliance with the Accounting Standards and expressing an audit opinion. You will receive an audit report and a letter from the management regarding this. You can use the report to submit to the Accounting, Reporting and Auditing Oversight Service to inform the founders and attract investors.
Assurance service
Provides a thematic audit, in particular, conducting agreed-upon procedures for financial information, reviewing a specific issue – revenue, assets, expenses, creditors, receivables, or other issues – and submitting a relevant conclusion.