International Companies to be Provided with Significant Tax Relief
The international companies will be provided with significant tax relief, – the Prime Minister of Georgia, Giorgi Gakharia said.
As he notes, the government will discuss this issue in today’s session. Based on the decision, the companies will enjoy benefits on both income and profit taxes.
As the Prime Minister emphasized at the Cabinet meeting, maritime, logistics and trade, and IT companies qualified as “international companies” will enjoy tax cuts. The Companies in said sectors, should they qualify as “international companies,” will enjoy the reduced property (but not land), profit, dividend (full exemption), and income taxes, with profit and income taxes reduced to 5%.
According to the Head of Government, in light of the fierce global economic competition in the period of post-pandemic economic recovery, the Georgian Government offers enterprises an “international company” status, also putting in place a comfortable platform for international companies to work from Georgia.
“Today, we discussed concrete directions to create mechanisms for obtaining this status. Firstly, these will be maritime industry companies and IT firms. Both directions are important for developing the global economy and to Georgia because transport and logistics are crucial sectors of our economy. In the same vein, we have serious IT resources that must be set in motion,” Giorgi Gakharia said.