El Salvador President Proposes Zero Taxation on Technology Innovations

El Salvador Abolishes All Taxes Related to Technological Advancements
  • A Bitcoin/Lightning developer education curriculum was recently released last week.
  • The President would be submitting a measure to Congress next week.

El Salvador is obviously focused on technological improvements as the rest of the globe contends with banking and other economic issues. Consequently, President Nayib Bukele intends to do away with all taxation related to technological development. Income, property, and capital gains taxes, as well as tariffs on imported goods on technology innovations, will be abolished, as Bukele recently tweeted.

Also, this hasn’t been implemented yet. The President announced that he would be submitting a measure to Congress next week. The President goes on to say that “technology innovations” would also cover things like AI research and development, programming, and app creation.

Bukele tweeted further detail on the same topic, saying

“Next week, I’ll be sending a bill to Congress to eliminate all taxes (income, property, capital gains, and import tariffs) on technology innovations, such as software programming, coding, apps, and AI development, as well as computing and communications hardware manufacturing.”

Modernizing Financial System

The latest development in El Salvador was not unexpected, given the country’s commitment to technological advancement. Over the past few years, President Bukele has made it a priority to adopt Bitcoin (BTC) as a means of modernizing his country’s financial system.

Even more impressive, a Bitcoin/Lightning developer education curriculum was recently released in the nation last week. In addition, the release of Bitcoin bonds has been anticipated for the summer months.

In spite of Bitcoin’s continued importance, the rise of AI has overshadowed even this development. El Salvador has the potential to attract developers. Due to its lack of income tax and growing interest in artificial intelligence. Many Twitter users then expressed interest in El Salvador as a potential relocation destination.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.

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