FacebookTwitterLinkedInTelegramCopy LinkEmail

El Salvador’s President Eliminates Taxes on Tech Innovation

El Salvador’s President Eliminates Taxes on Tech Innovation

On Thursday night, President Nayib Bukele announced his plan to propose a bill to El Salvador's congress to eradicate taxes on technology innovations.

In a tweet, Bukele stated that the tax exemption would cover income, property, capital gains, and import tariffs on technology innovations such as coding, software programming, AI development, and computing and communications hardware manufacturing.

The bill aims to encourage growth in the technology sector, attract foreign investment, and modernize the country’s economy.

This initiative is part of the Bukele administration’s broader efforts to promote innovation and digitalization across various sectors. It could make El Salvador an attractive destination for tech companies and startups if approved.

READ MORE: Are Cryptocurrencies Securities? Taking a Look at the Regulatory and Financial Status of Crypto Assets

El Salvador’s adoption of Bitcoin has been praised as a bold and innovative step that could pave the way for other countries to follow suit.

Additionally, El Salvador has embraced Bitcoin as a legal tender to boost financial inclusion and reduce reliance on the US dollar.

The International Monetary Fund initially criticized the move, but the risks have not materialized.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.