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Where, what, and how much tax high-net-worth individuals (HNWIs) pay depends largely on their jurisdiction of tax residency. For example, if a person receives income abroad and is a tax resident of Georgia, under the legislation of many foreign countries, he or she will have to administer taxes in Georgia. In Georgia, income earned abroad is exempt from taxation. That is, your income remains entirely with you. Even if the local legislation of a foreign country requires taxati

Have you ever wondered why some businesses operate with clockwork precision, while others are constantly one step behind, struggling to keep up with processes? The secret often lies in a single tool: an ERP system . Think of an ERP (Enterprise Resource Planning) system as your company’s Central Nervous System . Just as the brain receives signals from different parts of the body to coordinate movement, an ERP gathers information from every corner of your business and consolida

Have you ever wondered what the cost of one small, mechanical error is? Imagine the situation: it’s the end of the month, the previous month’s declarations have been submitted, and taxes have been paid. You are at ease because you trust your accountant. They are a professional, after all, aren't they? But one day, a notice arrives from the Revenue Service - your company is scheduled for a tax audit. Suddenly, a thousand thoughts start spinning in your mind. What follows an i

Accounting is a system that allows companies to accurately record, analyze, and present their financial transactions. It provides a complete picture of what resources a business owns, what obligations it has, how much profit or expense it generates, and what its overall financial condition looks like. This is why accounting is considered a crucial foundation for any company. The main purpose of accounting is to correctly record financial processes, prepare financial statement

If you have a business, you need accounting and finance. But do you know how much you should spend on these functions? The answer is quite standard: not too much, not too little - just enough. As technology evolved, outsourcing accounting and financial services became widely available, and many individual accountants and firms entered the market. The service became cheaper,  but what about quality? Let’s just say… not always great. Accounting isn’t just about submitting tax d

The Revenue Service has approved a new rule that allows for the cancellation of 50% of the fines accrued from a tax audit. This cancellation is possible if the taxpayer agrees to the offered conditions in a timely manner. What Has Changed? 📌 On September 22, 2025, the Revenue Service introduced a systematic rule regarding the cancellation of half of the fines resulting from a tax audit. This change is rooted in Article 269, Part 11 of the Tax Code. The aim is to encourage ta

Why Your Business Needs Automated Tax Compliance?   Navigating the complex world of tax compliance can feel like a maze for any business. With constantly changing regulations, multiple jurisdictions, and the sheer volume of data, staying compliant is a significant challenge. But what if there was a better way? Fortunately, advances in technology have given rise to automated tax compliance solutions . By leveraging AI-driven tools, businesses can now reduce errors, save time,

Sounds familiar, doesn’t it?  You’ve paid your employees’ salaries, but now there’s no money left for taxes. Or maybe you earned income during the year, but by next April 1st, the funds to pay those taxes have vanished (spent somewhere along the way ☺️). So, what can you do, knowing that “nothing is certain except death and taxes”? Let’s look at your options. 🧾 Option 1 -  Declare and Recognize the Tax Liability This is the most legally correct approach. You submit your tax

You might’ve heard the saying, “ Accounting is the enemy of the people!” It sounds like a joke, but not everyone takes it that way. And now, to the delight of some, accountants have found their own “enemy” - automation  🙂 Many business owners, upon hearing the word automation , immediately imagine robots replacing their accountants and taking over their positions within the company. For them, automation still feels like a threat, as if technology will take away the unique in

In this blog, you will learn about managing tax risks. Let's start with a question How often have you thought about what to do when the tax authority audits you and assesses additional taxes based on the audit report? The standard answer to this question is probably that there's nothing that can be done about the assessed taxes, so they must be paid.  There is no other way. You might be surprised, but you are wrong. In our blog, we will try to prove just that. Let's start fro