President Nayib Bukele of El Salvador is better known for making Bitcoin legal tender for the first time; now his other achievement is making his country a tax-free tech hub.

 Technology is Tax Free by Law

   President Bukele has given his approval to the "Innovation and Technology Manufacturing Incentives Act", which has now abolished income tax, wealth tax, capital gains tax, and import duties on hardware production for computers, communications, AI, software, and apps.

Tax Heaven and Technology heaven

   Thanks to this new law, El Salvador can now develop into a strong nation on the technical front. This will satisfy the bitcoin companies, and the zero-tax will lure every tech company to look to El Salvador; the country will become a haven for the technology sector.

Limts  of the Act

     This exemption is only for the technology sector; not every type of industry will get its benefit. In this way, the bitcoin industry (technical) will be completely free, but the banking sector (non-technical) will not get any benefit from it. Also, this exemption is for 15 years, after which the exemption may be continued or removed.