Innovative startups will benefit from unprecedented tax breaks for 10 years, including zero income tax for 3 years. Irakli Kobakhidze announced this at a government meeting.
He did not specify when the initiative, which was announced a year ago, would be implemented. The fact is that Irakli Kobakhidze announced the definition of the status of an innovative startup and the exemption from taxes for companies on March 19 last year, at the GITA 10th anniversary event, and noted that the government would register the relevant legislative initiative very soon.
"Specifically, Georgian startups developing high-tech and innovative products will benefit from unprecedented tax incentives for 10 years. For the first three years, they will be subject to a 0% income tax rate, meaning startups will not pay any income tax during this period.
This initiative will encourage the establishment of new innovative startups, attract international startups to our country, drive investment inflows, create new jobs and transform Georgia into an innovation hub-one of our key priorities. Additionally, this initiative includes substantial tax support mechanisms for small and medium-sized enterprises engaged in the creation of innovative products or services.
Overall, this initiative will significantly contribute to the development of the innovation sector," stated the Prime Minister of Georgia.
