Automatic exchange of financial account information.

On September 5, 2024, Georgia's Minister of Finance issued Order №292, amending Order №996 of December 31, 2010, "On Tax Administration." This amendment introduces a new paragraph, Paragraph 70, to Article 112 in the transitional provisions, titled “Right to Request Information.”
This update establishes clear guidelines for determining the residency of Georgian citizens under the Automatic Exchange of Financial Account Information (AEOI). Under Article 70² of the Georgian Tax Code, as of January 1, 2023, financial institutions in Georgia are required to follow procedures set by the Common Reporting Standard (CRS) and report financial information annually to the Revenue Service by June 30, beginning in 2024. The Revenue Service may then share this information with the relevant agencies in other countries and monitor financial institutions for compliance with CRS obligations.
This amendment also clarifies that if a Georgian citizen's residency cannot be identified through the standard procedures specified in Article 70², they will automatically be deemed a resident of Georgia. The amendment became effective on September 6, 2024.