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Georgia Salary Calculator 2023/24
Calculate your take home pay in Georgia (that's your salary after tax), with the Georgia Salary Calculator. A quick and efficient way to compare salaries in Georgia, review income tax deductions for income in Georgia and estimate your tax returns for your Salary in Georgia. The Georgia Tax Calculator is a diverse tool and we may refer to it as the Georgia wage calculator, salary calculator or Georgia salary after tax calculator, it is however the same calculator, there are simply so many features and uses of the tool (Georgia income tax calculator, there is another!) that we refer to the calculator functionally rather than by a specific name, we mention this here to avoid any confusion.
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How to calculate your salary after tax in Georgia
Follow these simple steps to calculate your salary after tax in Georgia using the Georgia Salary Calculator 2023 which is updated with the 2023/24 tax tables.
- Enter Your Salary and the Georgia Salary Calculator will automatically produce a salary after tax illustration for you, simple.
- Optional: Select Advanced and enter your age to alter age related tax allowances and deductions for your earning in Georgia
- Optional: Change the number of days you work per week, per year and the number of hours you work per week to allow various rates and allowances to be split for viewing in line ith your employment contract in Georgia
That's it! Just a few simple steps to calculate your salary after tax in Georgia with detailed income tax calculations. Need more from the Georgia Tax Calculator? More detailed salary calculator or a wage calculator? Simply select 'advanced' to access more features of the tax calculator. If there are specific income related allowances or deductions in Georgia that are not featured on the Georgia tax calculator that you would like us to add, simply contact us and explain your requirement. New features for the Georgia are added on request at no cost to you. We build tax calculators to support our community in Georgia, whether resident or expats in Georgia and expand the tool to suit our communities needs as required.
Average salary in Georgia
Like many other post soviet union countries, Georgia (formerly known as republic of Georgia) has had its ups and downs. The economic condition has been much better in recent years in comparison to the 1990's.
Big industries like wine and cheese, tourism, and fruit cultivation, mainly citrus, grapes and tea play a major role in Georgian economy. Production of machinery, metal and textile also has its own impact on the economy.
Average monthly salary in Georgia is GEL 1180/month (USD 397 approx.) up until the second quarter of 2019, it went all time high of GEL 1202.5/month in the last quarter of the year 2018. There is a noticeable difference in the average salary that is earned by Men and Women. Men earn comparatively higher average wages than women.
A study completed in year 2017 shows that this is the result of more than 40% of women being inactive economically. Also, women employees receive approximately 35% less salary than men.
Salary forecast/ projections
Average salaries are expected to grow at a somewhat constant rate. Though it is expected to decrease a bit that could take it down to GEL 1060/month in the third quarter of the year 2019, it is projected to reach GEL1300/month in a years time. The average monthly wages in Georgia are projected to trend at GEL 1400/ month by year 2020.
Taxation in Georgia
In Georgia taxes are collected on 6 flat rates that include the following:
1. Personal income tax at 20% and interest, royalty and dividend at 5% flat
It is required to be paid by both citizens and expats in Georgia. Income tax returns for employees are filed by their employers as employees are not liable for the filing. Only those employees who are eligible for tax concessions are allowed to file returns.
Personal income tax on foreign sourced income
2. Value added tax (VAT) - 18%
VAT is collected as both traditional and reverse charge. Both are payable only on business operations that are conducted within the territory of Georgia. Some industries are exempted from VAT that includes, education, medical care and exports. Companies with a turnover of less than GEL 10,000 are also exempted from VAT.
3. Corporate profit tax - 15%
The Georgian parliament recently adopted a policy similar to the one followed in Estonia to levying income tax on businesses. In this system, tax from the companies is collected only on the distributed dividends. In other words, companies are only liable to pay taxes if they decide to distribute the profits among its shareholders.
If a company decides to reinvest its profits, no CIT is collected on the reinvested amount. This system was introduced in year 2017 for attracting foreign investment.
4. Excise tax
Excise tax is levied only on few goods that are of luxury use or environmentally harmful, such as alcohol, tobacco, oil and gas, mobile phones, etc. Re-export of goods and export transits are exempted from excise tax. More information on custom tariffs and exemptions can be found at the Ministry of Finance of Georgia.
5. Import tax
Import tax rates fluctuate among three main rate brackets in Georgia, 0%, 5% and 12%.
Almost 90% of goods enjoy a 0% tax rate. Goods that are produced in Georgia like, agriculture products, soaps, wood and wood products and plastic products are taxed at a higher rate.
6. Property tax
Property tax in Georgia also varies between 0% and 1% maximum. It is collected on the basis of total family revenue on the market value of the property, excluding the land.
| Total annual family revenue | Tax rate |
|---|---|
| Up to GEL 40,000 | 0% |
| GEL 40,000 to GEL 100,000 | 0.05% to 0.2% |
| GEL 100,000 and above | 0.8% TO 1% |
Tax incentives in Georgia
The Georgian economy has been growing at a rapid speed and government is implementing new measures to get foreign investors. Two types of tax incentives are offered by Georgian tax authorities.
1. Free industrial zones (FIZ)
Companies that operate in FIZs enjoy a 0% tax rate on imports, corporate income and also on property. They also pay VAT on comparatively lower rates. A wide range of activities and goods production is permitted under this regime.
Free industries zones are located at 3 different locations, Tbilisi, Poti and Kutaisi (Capital city) cities in Georgia.
2. Special tax regime for production of export goods
Companies based in FIZS are eligible to get a special internal processing custom regime license. This allows import of raw material for production of goods that are to be exported from Georgia on 0% custom duty and VAT.
This is to be noticed that there are no payroll, capital gains, social security, wealth and inheritance taxes in Georgia.