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El Salvador President Signs Law Removing Tax On Technological Innovations, Bullish For Bitcoin?

Press Releases Crypto News Bitcoinist El Salvador President Signs Law Removing Tax On Technological Innovations, Bullish For Bitcoin?

Nayib Bukele, president of El Salvador and a Bitcoin supporter, has recently signed a law that removes taxation on technological innovations in the country. The Innovation and Technology Manufacturing Incentive (ITMI) Act revealed a broad spectrum of sectors where complete tax removal applies.

While countries such as the US administration wants high tax payments on technological innovations such as cryptocurrency mining, this new law could go far in attracting innovation-focused companies, which will bring development to the nation.

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. pic.twitter.com/rZtGzPgVzW

— Nayib Bukele (@nayibbukele) May 4, 2023

El Salvador Pushes For Tech Innovation By Removing Taxes

Nayib Bukele took to his official Twitter handle on May 4, 2023, to say that he signed the new law to ensure that taxes on property, income, capital gains, import tariffs, software and application programming, AI, computer and communications hardware manufacturing are totally removed going forward.

The ITMI signed Act has been in the works, as earlier as March 2023, when the El Salvador president made clear his intentions to introduce a bill to safeguard innovative technological advancements in the country.

Following his intentions, legislation was forwarded to Congress to eliminate taxation on technological innovations in the country.

This newly signed law is just one among the many efforts th

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Author: Mudiaga Iritare

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