El Salvador removes all taxes related to tech innovation for economic growth
Technology innovations such as software programming, coding, apps and AI development, and computing and communications hardware manufacturing will be exempted from taxes in El Salvador. El Salvador, the first country to establish Bitcoin (BTC) as a legal tender, has decided to eliminate all Taxes on technology innovations. The move runs parallel to establishing the National Bitcoin Office (ONBTC) of El Salvador, also known as “the Bitcoin office.“ When legalizing Bitcoin on Sept. 7, 2021, Salvadoran President Nayib Bukele saw the technology as a means to counter hyperinflation and dependence on the U.S. dollar. Over the past 18 months, El Salvador restrategized Bitcoin investments and utilized capital gains in numerous instances to rebuild the nation. Moving ahead with the strategy, Bukele believed in winding down tax requirements to expedite technological development. As promised, on April 1, Bukele officially sent a bill to Congress — effectively eliminating all income, property, an...