International News: President of El Salvador prepares bill to eliminate taxes on tech

Posted: Friday, March 24, 2023. 8:53 am CST.

By Zoila Palma Gonzalez: On Thursday, President of El Salvador, Nayib Bukele announced that he will present a bill next week to eliminate all taxes on technology innovations as well as computing and communications hardware manufacturing.

“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,” Bukele said.

Computing and communications hardware manufacturing will also be included, Reuters reported.

Bukele plans to make El Salvador a cryptocurrency hub.

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