Georgia Increases Taxes on Gambling Business

On November 3, the Prime Minister of Georgia, Irakli Garibashvili, announced at the government meeting that the profit tax for the gambling business will be increased from the current 10% to 15%.

There will also be a change regarding the withdrawal of money. In particular, the citizen will pay 5% instead of 2% of the income when withdrawing the won amount.

“We presented a new initiative to the parliamentary majority, according to which we should change the taxation rate of gaming business. Under the new initiative, gaming businesses will be taxed at a rate of 15% of profits, instead of the current 10%. And withdrawals from gaming businesses will be taxed at 5% instead of the current 2%.

On the one hand, I want to express surprise, and on the other hand, it is very sad that the turnover of the game business is increasing. I’m really not happy because too many citizens are still involved in the gaming business. For information, I would like to tell you that in 2022, the total turnover of gaming business increased from 48 billion GEL to 52 billion GEL, which is a catastrophic indicator. So many people are still involved in the gaming business.

Last year we made important changes when we banned advertising and also restricted the right to play to citizens under 25 years of age. The ban automatically affected 1 million 500 thousand citizens,” Irakli Garibashvili said at the government meeting.

According to the Prime Minister, as a result of the changes, an additional 400 million GEL will be added to the budget.