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IPFS News Link • Central Banks/Banking

El Salvador Axes Income Tax for Investments From Abroad

• Yahoo Finance

El Salvador, the nation led by bitcoin-friendly President Nayib Bukele, has eliminated income tax on money coming into the country from abroad.

"Congress has reformed our income tax law, for international investments and money transfers, dropping the rate from 30% to 0%," Bukele said in a post on X.

El Salvador was the first country to make bitcoin {{BTC}} legal tender and has been accumulating the cryptocurrency since September 2021. The Central American nation's treasury is sitting on around $84 million in unrealized profit on its holdings.

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