El Salvador drops income tax for foreign investments and remittances
The first country to adopt Bitcoin as a legal tender has made another radical change to its tax code.
The Legislative Assembly of El Salvador has approved a measure to reduce the income tax on foreign investments and remittances from 30% to 0% with no effective limits on amount.
President Nayib Bukele relayed the news on the X social media platform in a March 12 post:
In a separate X post, Asamblea Legislativa, the legislative assembly of El Salvador, said that the measure was approved with 69 votes, out of, presumably, 84 (barring any abstaining or absent votes).
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