El Salvador President Officially Signs Bill Of 11 Pages Eliminating All Taxes

Key Points:

• El Salvador President signs bill to eliminate taxes on technology innovations.
• Income, property, and capital gains taxes are all removed, boosting the tech sector.

El Salvador President signs bill to encourage technology innovations by eliminating all taxes on income, property, and capital gains.

The bill aims to strengthen the country’s competitiveness by promoting innovation and manufacturing technology developed in the national territory.

The law will be regulated by the Ministry of Economy and will provide incentives through tax reductions and other incentives specifically designed to encourage investment and development of the technology industry in the national territory.

The purpose of this law is to contribute to the country’s economic growth and sustainable development by strengthening competitiveness through the promotion of innovation and the manufacture of technology developed in the national territory.

The law will accelerate technological innovation and manufacturing, such as microelectronics and semiconductor components, develop innovative materials and processing technologies, lead the development of advanced technology manufacturing in Latin America, expand and diversify Salvadoran human talent for technological manufacturing, develop, scale, and promote education and training in advanced technological manufacturing, strengthening connections between employers and educational organizations.

The law also aims to improve supply chain access and interconnections and expand efforts to reduce supply chain vulnerabilities for technological innovation and manufacturing, strengthen and revitalize the ecosystems of innovation, technological manufacturing, and its commercialization, and provide appropriate incentives through tax reductions and other incentives specifically designed to encourage investment and development of the technology industry in the national territory.

The law will be enforced by the Ministry of Finance. The Authority will have the power to regulate the operation and application of this law, issue Qualification Agreements, carry out inspections and controls to verify compliance with the obligations established in this law, and promote the design and implementation of public policies to facilitate industrial, technological innovation and promote cooperation and exchange between the main national and international technological innovation organizations.

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