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El Salvador President Bukele to Introduce Bill That Would Eliminate Taxes on Technology Innovations
The country in 2021 became the first nation to adopt bitcoin as legal tender.
Updated Mar 24, 2023, 2:51 p.m. Published Mar 24, 2023, 12:24 p.m.
President Nayib Bukele on Thursday night said he will be proposing a bill to El Salvador's congress eliminating all taxes on both software and hardware technology innovations.
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; as well as computing and communications hardware manufacturing.
— Nayib Bukele (@nayibbukele) March 24, 2023
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It is unclear yet if this measure will extend to bitcoin (BTC) applications, but El Salvador and its president are known for being bitcoin-friendly, in 2021 becoming the first nation to make the crypto legal tender. The country's legislature earlier in 2023 passed a law paving the way for a bitcoin-backed bond.
CoinDesk reached out to El Salvador's government for additional clarity.
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