{"id":15489,"date":"2023-04-19T03:52:52","date_gmt":"2023-04-19T03:52:52","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/salvadoran-lawmakers-pass-tech\/"},"modified":"2023-04-19T03:54:36","modified_gmt":"2023-04-19T03:54:36","slug":"salvadoran-lawmakers-pass-tech","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/salvadoran-lawmakers-pass-tech\/","title":{"rendered":"Salvadoran lawmakers pass tech tax cut, including for AI businesses"},"content":{"rendered":"<p>SAN SALVADOR (Reuters) &#8211;     El Salvador&#8217;s ruling party lawmakers approved late Tuesday a bill to eliminate for 15 years taxes on companies developing artificial intelligence (AI) and other computer programming work in a bid to make the country a more attractive tech destination.<\/p>\n<p>The tech tax cut was championed by President Nayib Bukele, who first touted the legislation late last month. <\/p>\n<p>Bukele&#8217;s New Ideas Party dominates the country&#8217;s Congress.<\/p>\n<p>The bill exempts eligible companies from income tax, capital gains and local government taxes, as well as tariff payments on imported goods that technology businesses need. <\/p>\n<p>Lawmakers approved it with 69 voting in favor among the 84-member unicameral legislature. <\/p>\n<p>&#8220;With these exemptions, we are facilitating the development of the technological sector in our country, and manufacturing as well, which will help a new industry emerge,&#8221; said New Ideas lawmaker Rodrigo Ayala during the debate.<\/p>\n<p>The new tax incentives for the nascent tech sector are only the latest efforts by Bukele and his allies to re-brand the Central American country as an emerging hub for innovation.<\/p>\n<p>In 2021, El Salvador made waves as the first nation to adopt the cryptocurrency bitcoin as legal tender, alongside the U.S. dollar.<\/p>\n<p \/>\n<p> (Reporting by Nelson Renteria; Editing by David Alire Garcia and Christopher Cushing)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/salvadoran-lawmakers-pass-tech\/el-salvadors-president-nayib-bukele-attends-an-inauguration-ceremony-of\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportTechnologyNews\/tagreuters.com2023binary_LYNXMPEJ3I029-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3I029-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SAN SALVADOR (Reuters) &#8211; El Salvador&#8217;s ruling party lawmakers approved late Tuesday a bill to eliminate for 15 years taxes on companies developing artificial intelligence (AI) and other computer programming work in a bid to make the country a more attractive tech destination. The tech tax cut was championed by President Nayib Bukele, who first [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":15490,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1220],"tags":[],"class_list":["post-15489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-technology"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportTechnologyNews\/tagreuters.com2023binary_LYNXMPEJ3I029-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=15489"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15489\/revisions"}],"predecessor-version":[{"id":15491,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/15489\/revisions\/15491"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/15490"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=15489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=15489"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=15489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}