The Congress of El Salvador plans to consider a bill to abolish all taxes on technological innovation.
As announced by the country's president, Nayib Bukele:
"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."
According to him, the initiative also targets the production of computer and communications equipment.
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The former CTO of cryptocurrency exchange Coinbase, Balaji Srinivasan, has supported the proposal of the president of El Salvador.
He has written:
"In this century, many North Americans may move to Latin America."
Bitcoin advocate and author of a book on the cryptocurrency, Jason Williams, has also spoken in favor of the bill:
"I guess I’m moving to El Salvador to start my next company. Amazing and progressive!"