In El Salvador, technology startups will be exempt from taxes for 15 years, the corresponding bill was approved by the country’s parliament.
Earlier, the President of the Republic, Naib Bukele, supported the idea of creating an attractive environment for technology businesses through fiscal flexibility.
He sent parliamentarians a bill that provides for the abolition of income tax, capital gains tax, as well as local government taxes for innovative companies and manufacturers of computer equipment.
The new rules also affect customs duties on imported goods.
69 of the 84 members of Congress voted in favor of the bill. According to representative Rodrigo Ayala, the legislative changes are aimed at strengthening the technological and productive sector.
In 2021, El Salvador became the first country in the world to officially approve bitcoin as a means of payment. The country has installed special ATMs to convert cryptocurrencies into cash.
President Nayib Bukele announced in 2021 that the country will start mining cryptocurrencies using volcanic energy. In the same year, the head of state announced the construction of “Bitcoin City”.
Author:
Natalia Gormaleva
Source: RB
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