PM announces increased taxes for gambling business

Georgian Prime Minister Irakli Garibashvili on Friday announced taxes on the gambling business would be increased to 15 percent, while withdrawal of money from the business would also be taxed at a higher 5 percent from the banks.

Garibashvili noted the increase of general taxes - from the current 10 percent - and the withdrawal figure - up from 2 percent - while noting the turnover of the domestic gambling sector had increased from ₾48 billion ($17bln) to ₾52 billion ($19 bln) in 2022, calling the figures “catastrophic”.

He pointed out "quite a lot" of citizens continued to be involved in gambling despite “important changes” made by the Government last year to ban gambling-related advertising and prohibit citizens under 25 from engaging in the activities.

The PM said an additional ₾700 million ($257 mln) from the gambling business would be allocated to the state budget in 2024.

He also expressed his “sadness” at the growing turnover of the sector and voiced displeasure at the “large number” of citizens still involved.