Income tax on rent, worked example, in Georgia
May 17, 2017
|Non-resident couple´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|
|Annual Income Tax Due||900||3,600||7,200|
|Tax Due as % of Gross Income||5.00%||5.00%||5.00%|
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.