Startup Factory Founder: Government’s Decision will Attract International IT Companies
Irakli Kashibadze, the founder of Startup Factory and the former chairman of Georgian Innovation and Technology Agency (GITA) positively appraises the Government’s decision to confer an international status to IT companies and to lower incomes and profits taxes to 5%.
As Kashibadze told Business Partner, this is an important novelty for developing the domestic IT sector and attracting international companies that will provide their services from Georgia, pass registration in Georgia and create job places and pay taxes.
“This platform will primarily promote the Georgian sector because all these companies are growing companies and this process requires resources. Lower taxes will foster their development, especially small companies that have only 10-20 programmers. This is a good preference for them”, Irakli Kashibadze noted. This reform should also cover startups that offer IT-based products to the global market, Irakli Kashibadze noted. As reported, previously, income tax for IT companies was 20%, and profits tax – 15%.