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- The Legislative Assembly of El Salvador has enacted a measure to lower the income tax on foreign investments and remittances from 30% to 0%, with no effective limits on the amount.
The first nation to recognize Bitcoin as legal tender has implemented another significant modification to its tax legislation.
The Legislative Assembly of El Salvador has enacted a measure to lower the income tax on foreign investments and remittances from 30% to 0%, with no effective limits on the amount.
President Nayib Bukele shared the update on the X social media platform in a post dated March 12:
“Congress has amended our income tax law, for international investments and money transfers, reducing the rate from 30% to 0%.”
In a separate post on X, the Asamblea Legislativa, the legislative assembly of El Salvador, indicated that the measure was approved with 69 votes, out of a total of 84 (assuming no abstentions or absences).
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“With 69 votes in favor, we amend the Income Tax Law so that family remittances or any capital from abroad can enter the country without incurring this tax, regardless of the amount.”
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El Salvador has undergone significant transformation following Bukele’s election in 2019. In 2021, he designated Bitcoin (BTC) as legal tender nationwide and acquired 200 BTC for the national treasury.
In the following years, El Salvador’s economy has demonstrated consistent growth. In 2019, its gross domestic product was $24.9 billion, according to the World Data Bank.
By 2022, it had risen to $32.4 billion. Projections also suggest a growth rate of 2.8% for 2023.
Currently, El Salvador’s 2021 Bitcoin acquisition has yielded $85 million in profit since BTC surpassed the $72,000 mark during the week of March 10.
This latest tax code revision follows El Salvador’s elimination of all taxes associated with technological innovation in April 2023.
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As reported previously, the country enacted a bill to effectively abolish income, property, and capital gains taxes on technology innovations “such as software programming, coding, apps and AI development, as well as computing and communications hardware manufacturing.”
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