Innovation is one of the key sectors of the economy, and in this regard, the government is introducing a significant new initiative for the public. Such a statement made today the Prime Minister of Georgia.

“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”, - said Irakli Kobakhidze.