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Georgian authorities increase taxes on gambling business7 November 2023(PRESS RELEASE) -- On 3 November, during a government meeting, Georgia’s Prime Minister unveiled significant modifications to be made in the taxation and revenue withdrawal policies concerning the gambling industry. In accordance with the new rules, the profit tax will go higher from the existing 10% to 15%. Additionally, there will also be a tax modification in the withdrawal of earnings, which means that the players will be required to pay 5% instead of the 2% when cashing out their gambling winnings. “We have submitted a fresh proposal to the parliament, requesting an adjustment to the tax rate that is imposed on the gambling sector,” said Irakli Garibashvili, The PM of Georgia. “The 10% profit tax that now applies to casinos will grow to 15%. Moreover, withdrawals from these casinos will now be subject to a 5% tax rather than the prior 2%. The fact that the turnover of the casino sector keeps rising is depressing as well as unexpected. I have legitimate concerns because a sizable portion of the populace continues to work in this industry. To put things in perspective, let me point out that there was a concerning trend in 2022 when the overall turnover in the industry resulted in 52 billion GEL, from the previous 48 billion GEL.” Garibashvili recalled efforts made in 2022 to address the issue, such as forbidding advertising and limiting gaming to those under 25. These measures have had a significant impact, affecting approximately 1.5 million citizens. The Prime Minister anticipated that these changes would contribute an extra 400 million GEL to the national budget. |