El Salvador Approves Removal of Income Taxes on Money from Abroad
Wednesday, 13 March 2024, 03:03
El Salvador Removes Income Taxes for Money from Abroad
El Salvador's Congress approved a reform to remove income taxes previously imposed on money from abroad. The aim of the change is to attract more foreign investment.
Key Points:
- Money from abroad, such as remittances and investments in companies, will now be exempt from tax.
- After doubts about President Nayib Bukele and his move of the country to Bitcoin, recent developments indicate positive outcomes.
- President Nayib Bukele announced four additional sources of Bitcoin revenue for the government, including:
- Revenue from its passport program
- Income generated from Bitcoin mining
- Profits from helping local businesses convert BTC to USD
- Revenue from undisclosed government services
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.