An individual entrepreneur is the simplest form of small business. Accordingly, compared to all other organizational forms, its tax regime is also simple. The income of an individual entrepreneur is taxed at the lowest rate, 1%. The entrepreneur has the only obligation to submit a declaration on his income every month and pay the due tax.
A small entrepreneur submits declarations to the Revenue Service every month, from the 1st to the 10th of the calendar month. At the time of submitting the declaration, the entrepreneur indicates the income of the previous month. The web portal of the Revenue Service automatically calculates the amount of tax, which the individual entrepreneur can pay instantly. It is worth noting that the entire process, both declaration and tax payment, takes place online, on the online portal of the Revenue Service: http://www.rs.ge
A few details that a small entrepreneur should take into account when submitting a tax declaration. The monthly declaration must indicate both the income received during the month to be declared, as well as the total income received since the beginning of the year. The amount of non-cash, cash and POS terminal income should be indicated separately.
It is important that you do not miss the deadline for submitting the monthly declaration, which is set for the 10th of each month, in order to prevent disruption to your activities. It is worth noting that submitting a tax declaration incorrectly may result in a fine for the entrepreneur.
