Aiding innovation certainly opens up a number of possibilities. Suppression from centralized entities, on the other hand, will stymie this growth. El Salvador is clearly focused on technological evolution while the rest of the world is dealing with banking and other economic crises. As a result, President Nayib Bukele intends to abolish all taxes on technological advancements.
Bukele recently tweeted that all taxes, including income, property, and capital gains taxes, as well as import tariffs, will be abolished. Furthermore, this has yet to be realized. The President stated that he will send a bill to Congress the following week.
Furthermore, the President states that “technology innovations” will include, among other things, AI development, coding, and apps. Bukele elaborated on the same, tweeting,
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.