PM announces increased taxes for gambling business
The PM said an additional ₾700 million ($257 mln) from the gambling business would be allocated to the state budget in 2024. Photo: PM's press office
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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.
Online gambling businesses - including online casinos, slot machines and betting - will be subject to mandatory permits for specific types of operation, following the Georgian government’s reveal of amendments to the relevant law on Monday.
All gambling ads will be banned in Georgia starting March 1, while citizens under the age of 25 will no longer be able to use gambling websites, Prime Minister Irakli Garibashvili has announced.
Over one million Georgian citizens have been included in the list of individuals banned from online gambling and not allowed in brick-and-mortar casinos in the country since the introduction of new regulations for the gambling business on March 1.
The Georgian parliament has approved new legislative regulations for online gambling businesses. Eighty-two MPs supported the changes proposed by Prime Minister Irakli Garibashvili in its third and final reading in a 150-member state legislature.
Georgian Prime Minister Irakli Garibashvili says the government has plans to increase fees for online gambling businesses – which are mostly foreign owned – as well as to ban ads, and increase the lower age limit for gamblers to 25 years.
The Investigation Service of Georgia’s Ministry of Finance has charged two individuals for operating an illegal gambling business in the country's western Adjara region, the state body said on Thursday.