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.
Money from abroad, such as remittances and investments in companies will now be exempt from tax.
Info via Reuters, a little more here.
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After doubts about President Nayib Bukele and his move of the country to Bitcoin this guy is kicking ass.
He said recently on Twitter that the country generates 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