El Salvador Congress Passes Reform to Exempt Income Taxes for Money from Abroad

Wednesday, 13 March 2024, 03:03

El Salvador has recently passed a reform eliminating income taxes on money from abroad to attract more foreign investment. This change impacts money like remittances and investments, making them tax exempt. President Nayib Bukele is pushing for additional Bitcoin-related revenue sources for the government.

El Salvador's Tax Reform for Foreign Money

El Salvador's Congress has approved a reform to remove income taxes previously imposed on money from abroad. This significant change aims to attract more foreign investment into the country. Money from abroad, including remittances and company investments, will now be exempt from taxes.

New Sources of Bitcoin Revenue

Revenue from passport program
Income from Bitcoin mining
Profits assisting businesses in BTC to USD conversions
Revenue from undisclosed government services

This bold move by President Nayib Bukele is seen as a way to boost the country's economy and encourage international investment.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.