El Salvador To Build A Tax-Free Paradise For AI Development And Bitcoin
El Salvador focuses on technological innovation, including tax elimination on tech advancements. This move attracts a huge number of developers and investors in every corner of the world. President Nayib Bukele has been at the forefront of this drive, embracing financial technology through Bitcoin and, more recently, with his plan to obliterate all taxes on technological advancements.
In a recent tweet, Bukele announced that all taxes, including income, property, capital gains, and import tariffs, will be eliminated. This move is aimed at encouraging the growth of the tech industry in El Salvador, particularly in the areas of AI development, coding, and apps, among others. The President plans to send a bill to Congress next week to make this a reality. This latest move by the El Salvadoran government is unsurprising, given Bukele’s previous focus on Bitcoin. Last week, the country even launched a Bitcoin/Lightning developer training program, and the much-awaited Bitcoin bonds are expected to roll out sometime between June to September.
Source
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