Parliament passes law allowing casinos to host international gambling tournaments
Georgia's Parliament passed a law permitting casinos to organize international gambling tournaments with tax exemptions and a 20% tax on individual winnings.Summary
The Georgian Parliament passed a law allowing casinos to organize international gambling tournaments, defined as events with a pre-guaranteed prize pool and at least 80% foreign participants. The bill, amended to raise the foreign participant threshold from 70% to 80% and remove a GEL 150,000 fine for unauthorized organizers, exempts gaming tables used exclusively for such tournaments with prize pools over GEL 3 million from the gambling business fee. Organizers can earn revenue from these tournaments, which may be held at licensed casino venues or elsewhere. Individual winnings are subject to a 20% tax, but foreign nationals' income from tournaments with prize pools exceeding GEL 3 million is tax-exempt. Violations of licensing requirements carry a GEL 50,000 fine. The Georgian Orthodox Church Patriarchate and the Public Defender criticized the legislation, and during the second reading, People's Power MPs questioned the fast-tracking and potential social costs, while the For Georgia faction did not support the bill.
(Source：Georgia Today)