El Salvador To Eliminate All Taxes On Technology Innovations, Establishes A National Bitcoin Office
El Salvador continues to take steps towards economic growth via technology.
- Salvadoran President Nayib Bukele sent a bill to Congress - effectively eliminating all income, property and capital gains taxes on technology innovations such as software programming, coding, apps and AI development, as well as computing and communications hardware manufacturing.
- "The purpose of this law is to contribute to the economic growth and sustainable development of the country by strengthening competitiveness through the promotion of innovation and manufacturing of technology developed in the national territory, promoting the growth of the skilled workforce to generate advanced technological products and services, as well as strengthening participation in the essential supply chains for the development of the technological industry at the global level."
- The president also established a National Bitcoin Office (ONBTC) in tandem with this recent move. The regulatory body will work hand in hand with bitcoin companies and entrepreneurs in the country.