President of El Salvador Naib BukeleThe so-called Innovation and Technology Promotion Act was passed, which abolishes all taxes on technological innovation.
In a tweet written in English, the president explained that ruling abolishes all income taxesproperty, capital gains and import duties.
He also clarified that those areas that are engaged in software programming, coding, applications, the development of artificial intelligence (AI), the production of computing equipment and communications are exempt from taxes.
The purpose of this legal instrument is to promote the development of innovative materials and processing technologies, lead the promotion of this sector in Latin Americaexpand and diversify human talent in this area, and encourage education and training by strengthening links between employers and educational organizations.
The project was approved by 69 of the 84 deputies of the Salvadoran Congress.
The law also aims to strengthen education and training in this area, as well as improve access and interconnections in the sector’s supply chain.
Source: Digital Trends
I am Garth Carter and I work at Gadget Onus. I have specialized in writing for the Hot News section, focusing on topics that are trending and highly relevant to readers. My passion is to present news stories accurately, in an engaging manner that captures the attention of my audience.
