Review of Legal System
The Georgian legal system belongs to the continental European legal system, more specifically to the German one.
The German law family was formed based on German legal science. This family includes Germany, Austria, Liechtenstein, Switzerland, Turkey, Greece, Georgia.
The difference between continental European law and Anglo-American law is related to written legislation as a source of law. Positive law is a core source of law in continental European countries. The sources of Anglo-American law are judicial law.
Taxes in Georgia
At present, the Tax Code of Georgia defines six basic taxes, which are paid by both individuals and legal entities, depending on the content of the tax. Five of these taxes eventually accumulate in the state budget, ie they are general state taxes, while one tax is collected in the local self-government budget and is called a local tax.
Taxes in force in Georgia today are:
- Income Tax;
Profit Tax;
Value Added Tax (VAT);
Excise Tax;
Import Duty;
Property Tax.
Registration Processes
Registration of business, property and rights in Georgia is a quick and easy procedure.
Registration of real estate or business is carried out through the public register of a legal entity under public law.
Business registration takes up to one day, and property registration takes one to four days. Entrepreneurial legal entities operating in Georgia exist in the following forms:
- Limited Liability Company - LLC;
- General Partnership – GP;
- Limited Partnership - LP;
- Joint Stock Company – JSC;
- Cooperative.
Other Issues
Law is a complex science where uniform and universal standards do not apply. The vast majority of norms are evaluative, and the answer is never unambiguous.
To assess a particular legal relationship, in addition to knowing what legal relationship we are dealing with, it is also important to know the wording of the law that existed at the time of the specific action.
Also crucial are statute of limitations, applicable law, thorough knowledge and protection of procedural law, and other factors.
You have rights even when the law imposes responsibilities on you and vice versa: you have responsibilities that accompany the powers assigned to you.