An official announcement from the President of El Salvador Nayib Bukele revealed that the crypto-friendly country would remove taxes imposed on technological development. President Bukele plans to exempt taxes on revolutionary technologies in the asset, imports, and income sectors.
He has revealed plans to present his submission to the Salvadorian congress members in the coming week. According to president Bukele, he believes that technological development will create more opportunities in the country.
He targets to remain ahead of the curve, which prompts El Salvador to prioritize improving the existing infrastructures. El Salvador’s latest move contradicts other countries battling banking and economic crisis.
President Bukele Proposed Tax Laws
The pro-crypto president has pledged to appear before the Salvadorian legislative assembly to push for eliminating taxes on tech development. He plans to develop practical strategies to exempt emerging technology developers from taxes.
In his report, President Bukele demonstrated interest in development of decentralized applications (dAPPs), artificial intelligence, and coding, among other emerging technologies. He remains optimistic that integrating the latest development into the production and manufacturing sector would position El Salvador at a competitive edge.
He stated that the tax reduction would inspire tech developers to leverage their expertise to develop ground breaking technologies in the IT and communication sector.
El Salvador’s Adoption of Crypto
Furthermore, President Bukele stated that investing in technology development will enable El Salvador to establish a Bitcoin city. The country has gained recognition after legalizing crypto.
During President Bukele’s regime, he has approved Bitcoin-related projects to push for crypto adoption in the Central American region. Presently, the country launched a Bitcoin training program for Web3 developers.