The president of El Salvador, Nayib Bukele, proposes eliminating all taxes aimed at companies working with technological innovations and those related to artificial intelligence (AI), software programming, applications, among others.
Bukele’s announcement was made, as usual, through his Twitter account. “Next week, I will send a bill to Congress to eliminate all taxes (on income, property, capital gains, and import duties) on technological innovations,” he reported.
The approval of the proposal seems imminent, since his party (Nuevas Ideas) holds a majority in the Legislative Assembly.
This new step by the Bukele administration seeks to position El Salvador as one of the main promoters of new technologies in Central America, opening the doors to companies in the sector.
Artificial intelligence is one of the advances that has had the greatest impact so far in 2023. For Bill Gates himself, AI is a “revolutionary” technological demonstration.
The decision is made in a country where bitcoin (BTC) has been legal tender since September 2021, as reported by CriptoNoticias.
In this sense, it is worth noting that Bitcoin is a technology that improves the concept of money and completely surpasses the characteristics of existing systems. Therefore, companies in this sector can also benefit from Bukele’s new proposals.
The Bitcoin community applauds the measure
Precisely, the Bitcoin community is one of those that has expressed itself positively about the proposed law.
In response to Bukele’s announcement, Binance CEO Changpeng Zhao reported that the exchange built a customer service center in El Salvador last year with around 60 employees, and is preparing to do more in the Salvadoran nation.
“El Salvador is already attracting a lot of talent and capital. The future is bright,” said Paolo Ardonio from the Bitfinex exchange.
For her part, lawyer and cryptocurrency legal specialist Cris Carrascosa commented that El Salvador is “an unbeatable experiment on how effective populism is in generating wealth in a nation. And we have a new episode.”
