Georgia is set to become a higly effective destination for investment in innovation, the Minister of Economy Levan Davitashvili stated.
According to him, the authorities will introduce unprecedented measures to achieve this. In particular, startup companies operating in high technology and innovation will benefit from unprecedented tax breaks.
Davitashvili specified that for the first three years, such companies would be exempt from both income tax and profit tax. In the following seven years, the rates of these taxes will be 5% and 10%, respectively.
"We hope that this decision will further stimulate and develop the innovative startup ecosystem in Georgia",
Levan Davitashvili said.
The minister added that the Cabinet intends to prioritize the development of a knowledge-based economy, as this is where Georgia can gain an advantage.
