22.Oct .2021 11:30

What Amount Of Taxes Does Gambling Business Pay?

What Amount Of Taxes Does Gambling Business Pay?
views 135
Back

In the last few years, the turnover of the gambling business in Georgia hit a record high. In 2018, the turnover of the sector was GEL 13 billion, and during 2020 it increased to GEL 32 billion despite the pandemic, which is a 145% increase in the last two years.

Regarding such a high growth of the sector, MP Mamuka Khazaradze got interested in what amount of taxes were paid to the budget and requested the information from the Revenue Service of the Ministry of Finance.

According to statistics, in 2020, companies operating in the gambling business paid a total of GEL 210 million in taxes, which is exactly 152 times less than their turnover. At the same time, the statistics show that despite the sharp increase in the turnover of the sector, the volume of taxes paid by the gambling business in the budget increased at a much lower rate.

The document reads that the volume of taxes paid by the sector was up only by 8.3% in 2018-2020, while the turnover of gambling companies increased by 145%.

Taxes paid by the gambling companies in 2020 are distributed as follows:

● VAT - GEL 20,616,083
● Profit tax - GEL 131,107,914;
● Income tax - GEL 61,251,180;
● Property tax (including land) - GEL 1,213,494;
● Other - (minus) GEL 3,996,181;
● Total - GEL 210,192,490.

According to the Ministry of Finance, the gambling sector paid GEL 136.6 million in taxes in 1H2021.