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El Salvador President Nayib Bukele to Introduce Bill Eliminating Taxes on Technology Innovations
Coindesk - Camomile Shumba
2023-03-24 17:58
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Nayib Bukele on Thursday night said he will be proposing a bill to El Salvador's congress eliminating all taxes on both software and hardware technology innovations.
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; as well as computing and communications hardware manufacturing.— Nayib Bukele (@nayibbukele) March 24, 2023
It is unclear yet if this measure will extend to bitcoin (BTC) applications, but El Salvador and its president are known for being bitcoin-friendly, in 2021 becoming the first nation to make the crypto legal tender. The country's legislature earlier in 2023 passed a law paving the way for a bitcoin backed bond.
CoinDesk reached out to El Salvador's government for additional clarity.
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