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Reuters
Reuters
Business

El Salvador president readies bill to eliminate taxes on tech

Nayib Bukele El Salvador
El Salvador's President Nayib Bukele speaks during a decoration ceremony to the Apostolic Nuncio to El Salvador Santo Gandemi, in San Salvador, El Salvador, October 26, 2022. REUTERS/Jose Cabezas

El Salvador's President Nayib Bukele said on Thursday he will send to the country's Congress next week a bill to eliminate all taxes on technology innovations as well as computing and communications hardware manufacturing.

"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," he said on Twitter.

The tax cut would also encompass computing and communications hardware manufacturing, Bukele added.

The Salvadoran leader is eager to make the Central American country a cryptocurrency hub, adopting bitcoin as legal tender in 2021 and unveiling plans to create the world's first "bitcoin city."

(Reporting by Nelson Renteria; Editing by Jacqueline Wong and Stephen Coates)

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