The deadline for submitting annual property tax declaration for individuals, as defined by the Tax Code of Georgia, expires on November 3. Such a statement was released by the Revenue Service of Georgia.

"A natural person, including an entrepreneur, is obliged to submit a declaration: if the income of the person and his/her family members exceeds 40,000 GEL for the previous (2024) year and they own taxable property (real estate, including unfinished construction, buildings or parts thereof, yachts (boats), helicopters, airplanes and passenger cars (except motorcycles and mopeds), etc.

In the case of carrying out economic activities, assets, equipment, etc. recorded as fixed assets on the balance sheet.

The obligation to submit a declaration does not arise for a person if he/she has submitted a declaration or has accrued tax in the previous tax year and the data does not change (the system will automatically register the information from the previous year).

We would like to emphasize that under the current legislation, no changes have been made to the submission and administration of the annual declaration of taxable property, therefore, entrepreneurial entities/individuals are obliged to include data on taxable property in the submitted declaration as of the previous tax year, and on taxable land - as of April 1 of the current tax year. The Revenue Service of the Ministry of Finance calls on media outlets and companies providing financial/accounting/consulting services, as well as individual experts, to refrain from disseminating false information harmful to taxpayers, which serves to mislead the public", - reads the statement.