Income tax on rent, worked example, in Georgia

May 17, 2017

Non-resident coupleĀ“s rental income1
Monthly Rental Income2 1,500 6,000 12,000
Annual Rental Income 18,000 72,000 144,000
= Taxable Income 18,000 72,000 144,000
Income Tax4
Flat rate 5% 900 3,600 7,200
Annual Income Tax Due 900 3,600 7,200
Tax Due as % of Gross Income 5.00% 5.00% 5.00%

Notes


1 The property is jointly owned by husband and wife.

2 Exchange rate used: 1.00 EUR = 2.80 GEL

3 Nonresidents leasing out residential property may be taxed at a flat rate of 5% on the gross rent.

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