Georgia Makes Bid to Become a Second Silicon Valley
Georgia has canceled taxes for information technology producers in an ambitious bid to turn the country into the Silicon Valley of the Caucasus. Finance Minister Kakha Baindurashvili hopes that the profit tax-free environment will attract Internet and computer software giants such as Microsoft and Google to set up regional operations in the new IT tax haven.
“We want to declare Georgia a tax-free zone for the companies that produce . . . .information technologies and software,” Georgian Prime Minister Nika Gilauri told a June 18 cabinet meeting, Rustavi-2 television reported. Baindurashvili told journalists that major .com businesses will be informed about the tax-free opportunities in Georgia.