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The President of El Salvador, Nayib Bukele, is set to present a bill to the country’s National Assembly next week, proposing the elimination of all taxes on technological innovations in a bid to turn the Central American nation into a technology hub. The move is part of Bukele’s broader ambitions to attract technology companies and position El Salvador as a center for cryptocurrency.
Bukele took to Twitter on Thursday to announce his plans, revealing that the proposal would cover all taxes on technology including income tax, property tax, capital gains tax, and import tariffs. The proposed legislation could help to incentivize the development of new technologies, including hardware manufacturing and artificial intelligence (AI) applications, in the country.
If approved, the tax cuts could encourage technology companies to move to El Salvador, creating jobs and driving economic growth in the country. Bukele’s plan has already garnered support from prominent figures in the technology industry, including Binance CEO Changpeng Zhao and Morgan Creek Digital Assets co-founder Jason Williams.
CZ, tweeted his support for the initiative and suggested that Binance could expand its operations in the country to take advantage of the tax incentives. Similarly, Williams hinted that he may choose El Salvador as the location for his next business venture.
The proposed legislation comes after El Salvador adopted Bitcoin as legal tender in 2021, and more recently approved a law for the issuance of bonds backed by the cryptocurrency. The “Bitcoin City” project, a major infrastructure initiative, is also in the works.
While Bukele’s proposal is still subject to approval by the National Assembly, the move could potentially make El Salvador an attractive destination for technology companies and entrepreneurs, driving economic growth and positioning the country at the forefront of the global technology industry.
