Georgia is clarifying the rules for determining exchange rates during customs declaration. An amendment to the Finance Minister’s order approving instructions on the movement and clearance of goods within Georgia’s customs territory stipulates that when a customs and/or tax liability arises on a date different from the customs declaration’s registration date, the exchange rate set for the date the liability arises must be used.
Under Finance Minister’s Order No. 338, dated October 27, the customs value of goods must be converted into Georgian lari using the exchange rate established by the National Bank of Georgia for the declaration registration date or the date the customs and/or tax liability arises, as applicable.
A new code, 608, has also been introduced in the declaration process to indicate the date on which a customs and/or tax liability arises when that date differs from the customs declaration’s registration date.
