El Salvador’s President Bukele announced his intention to send a bill to the country’s Congress next week on 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.
In regard to this, Binance CEO Changpeng Zhao expressed his support for the initiative and noted that the crypto exchange had already established a Customer Support Center in El Salvador with approximately 60 employees the previous year. The company intends to expand its operations in the country to take advantage of the tax incentives proposed by the bill. “Let’s do more!”
Furthermore , President Bukele also added that the move is part of his government’s broader efforts to position El Salvador as a hub for technology innovation and entrepreneurship in Central America and attracting more investment in the sector.
Conclusively, the announcement which has been positively reacted to by stakeholders in the sector is expected to help start up, tech entrepreneurs and organisations who look forward to expand their business.