Nayib Bukele said he will send a bill to Congress next week:
“The bill will address the abolition of all taxes on income, property, capital gains and import duties for technological innovations such as programming, coding, AI applications and development, and the production of computer and communications equipment.”
The President expects that such a radical step on the part of El Salvador will attract more IT companies and crypto startups to the country. By providing development incentives, the government hopes to create a thriving tech ecosystem that will fuel the economic growth of both the country and crypto industry participants.
In early March, Nayib Bukele reported that thanks to the legalization of bitcoin, the tourism sector of the country’s economy grew by 95%, which had a positive effect on El Salvador as a whole.
Source: Bits
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