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El Salvador to remove taxes on technological advancements

el-salvador-to-remove-taxes-on-technological-advancements
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El Salvador to remove taxes on technological advancements

El Salvador President, Nayib Bukele, said he intends to eliminate all taxes on technological advances, including income, property, capital gains taxes, and import duties.

He added that he would send legislation to Congress the following week.

Aiding innovation undoubtedly offers up various avenues. Suppression from centralized entities, on the other hand, will stifle this growth. While the rest of the world deals with banking and other economic issues, El Salvador is focused on technical advancement. 

On March 24, president Bukele declared he would submit a proposal to the El Salvadoran Congress to do away with all taxes on new hardware and software developments.

The head of state announced on Twitter that he would bring a measure to Congress next week to do away with all taxes on income, property, capital gains, and import tariffs on technological advancements, including software development, coding, apps, and artificial intelligence.

Bukele noted that the tax cut would also benefit manufacturing devices for computers and communications.

Nonetheless, El Salvador and its president are known for being pro-bitcoin, as it became the first country to legalize crypto. Whether this legislation will apply to bitcoin (BTC) applications is still being determined. A bill authorizing the nation’s government to approve a bond backed by bitcoin in 2023.

According to Bukele, the tax break would also apply to manufacturing hardware for communications and computers.

However, El Salvador’s president had earlier announced plans to establish the world’s first “bitcoin city” and is eager to turn the Central American nation into a center for cryptos. Bitcoin will become a legal tender in El Salvador in 2021.

With El Salvador’s push towards technology, the most recent action was not unexpected. President Bukele has been using bitcoin (BTC) to embrace financial technology over the past few years. Even a developer training program for Bitcoin/Lightning was available in the nation last week. In addition, the eagerly anticipated Bitcoin bonds will launch between June and September.