Nayib Bukele @nayibbukele
I’ve just signed into law, the INNOVATION AND TECHNOLOGY MANUFACTURING INCENTIVES ACT, that eliminates all taxes (income, property, capital gains and import tariffs) on technology innovations, software and app programming, AI, computer and communications hardware manufacturing.
President Bukele eliminates all taxes on tech innovations
El Salvador’s Innovation and Technology Manufacturing Incentives Act is another step towards achieving financial hub status.
El Salvador’s President Bukele has signed the Innovation and Technology Manufacturing Incentives Act into law.
In a tweet, President Bukele said the Act removes all taxation on technology innovations, including software programming and hardware manufacturing.
“[It] eliminates all taxes (income, property, capital gains and import tariffs) on technology innovations, software and app programming, AI, computer and communications hardware manufacturing.”
Bukele removes tax
Details of the Act first became public on March 24 – when President Bukele said he was passing a bill to Congress to remove taxation on technological innovations.
The term “technology innovations” is assumed to include Bitcoin, meaning El Salvador is following through with its pledge to attract Bitcoiners and tech companies to the country.
During an interview last year, Max Keiser explained that El Salvador intends to become the Singapore of Latin America. He said the country had created an accommodating immigration program to attract digital nomads, innovators, and investors.
Tax incentives under the newly signed Act suggest the administration is deftly serious about achieving financial hub status.
The U.S. is going the other way
Meanwhile, under the guidance of the Council of Economic Advisers (CEA,) the U.S. administration has proposed the Digital Asset Mining Energy (DAME) tax.
The agency said a 30% tax on crypto miners is needed to limit the environmental and societal damage caused by crypto miners.
“Cryptominers’ high-energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country.”
Dennis Porter, the CEO of the Satoshi Action Fund, blasted the proposal, saying, if passed, DAME would drive innovation to friendlier jurisdictions – resulting in the loss of jobs and economic growth for the U.S.
Courtesy: CryptoSlate
- Isaac Ortega @IsaacOrtegaSV
Analista Político. Tecleño de Corazón.
¡Qué gran oportunidad para las empresas locales e internacionales!
Estas acciones incentivan la inversión y la creación de nuevos y mayores empleos en el rubro.
Convencidos más que nunca que El Salvador va por el camino correcto.
- La Britany @LaBritanySV
La primera página de El Salvador automatizada con #InteligenciaArtificial
¡Excelente noticia, Presidente @nayibbukele
! Como medio digital que trabaja con IA, estamos emocionados por el futuro que se avecina. #ElSalvador #Innovación #Tecnología
- Mayer Mizrachi @Mayer
Bukele acaba de aprobar la ley que elimina impuestos en tecnología, fabricación y desarrollo de apps y software en El Salvador. Cero impuestos sobre la renta, propiedad, ganancias y cero aranceles de importación.
El Salvador se puede convertir el hub de tech en la región al paso que van.
- Ryan Wells | Bitcoin Pleb @IAmRyanWells
This new law will undoubtedly boost the technology industry, attracting local and foreign investors. This will create more job opportunities and promote economic growth in El Salvador. Congratulations on a bold move towards a more innovative future.
- Salvador Chacón García @SalvadorChacon_
Diputado de la República de El Salvador (La Libertad) | Presidente de la Comisión de Obras Públicas, Transporte y Vivienda | Comisión de trabajo y agropecuaria.
El Salvador va por el rumbo correcto, seguimos creciendo, ahora se abren nuevas oportunidades para quienes buscan el crecimiento y desarrollo de nuestro país.
Más Información:
www.SalvadorenosEnElExterior.com
