The popular crypto-friendly country El Salvador has taken a huge step to improve economic growth via technology. It recently reviewed its tax system exempting technology innovations to boost developments.
Recall that El Salvador was the first country that made bitcoin legal tender and pushing for more adoption. This latest move is expected to attract more developers into the country, given it has become a tax haven for them.
El Salvador Offers Tax Exemptions For Tech Developers
President Nayib Bukele sent the bill to Congress on April 1. The El Salvador tax exemption covers developers in coding apps and AI development, software programming, communications hardware manufacturing, and computing. It eliminates all import tariffs, income capital gains, and property taxes from these sectors.
Further, Bukele outlined reasons for the tax exemption as the acceleration of manufacturing and innovation, such as semiconductors and…
