Country-by-Country Reporting – Compilation of 2024 Peer Review Reports

First reporting fiscal year: Commencing on or after 1 January 2025

Consolidated group revenue threshold: EUR 750 million

Filing deadline: before 31 December in the year following the accounting year

Local filing required: Yes

Surrogate parent entity filing permitted: Yes

First review of the domestic legal framework: 2021/2022

Georgia’s 2021/2022 peer review included a recommendation that Georgia amend the legislation to include the definition of a Group in line with the standard. Georgia has amended the definition and this recommendation is therefore removed.1

Georgia’s 2021/2022 peer review included a recommendation that Georgia publish the full content and format requirements of the CbC Report. Georgia has published the full content and format requirements of the CbC Report and this recommendation is therefore removed.2

Georgia’s 2021/2022 peer review included a recommendation that Georgia amend the legislation to include an effective date for the requirement to file CbC reports. Georgia has introduced an effective date and this recommendation is therefore removed.3

Georgia has introduced a local filing requirement as part of the domestic CbC Reporting legislation.4

It is recommended that Georgia take steps to amend legislation or otherwise ensure that the filing deadline is not more than 12 months from the end of the reporting fiscal year. This recommendation remains in place since the 2021/2022 peer review.

Georgia has no bilateral relationships in place for the exchange of CbC reports nor processes to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework.

It is recommended that Georgia take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Georgia has an international exchange of information agreement in effect that allows for the automatic exchange of tax information. This recommendation remains in place since the 2017/2018 peer review.

Georgia’s 2017/2018 peer review included a recommendation that Georgia take steps to implement the necessary processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework. These processes are in place and the recommendation is now removed.

Georgia’s 2017/2018 peer review included a recommendation that Georgia take steps to ensure that the appropriate use condition is met ahead of the first exchanges of information. Georgia now has controls in place to ensure the appropriate use of CbC reports and the recommendation is removed.

Georgia meets all terms of reference with respect to the appropriate use condition.