El Salvador President Signs Law Eliminating Taxes On Tech Innovations (watcher.guru) 19
Following the announcement of the bill in March, El Salvador President Nayib Bukele signed a law today eliminating income, property, capital gains, and other tariffs on technology innovations. Watcher Guru reports: The announcement reinforces El Salvador's perspective as a haven for technology development. Additionally, Bukele stated that the new act protects "technology innovations, software and app programming, AI, computer, and communications hardware manufacturing."
The Innovations and Technology Manufacturing Incentives Act will likely attract tech developments to the country. Moreover, the elimination of taxes presents an economic benefit to a host of companies. Conversely, El Salvador continues to maintain its commitment to a variety of tech innovations that are being developed.
The Innovations and Technology Manufacturing Incentives Act will likely attract tech developments to the country. Moreover, the elimination of taxes presents an economic benefit to a host of companies. Conversely, El Salvador continues to maintain its commitment to a variety of tech innovations that are being developed.
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You probably don't know this, but as a US-person (sorry for presuming), you hold the unique privilege of being forever captive to the global extraterritorial reach of the IRS. Yes, that's right, freedom-lover! You are a fiscal prisoner for life.
You may contrast this fate of yours to that of the valued citizens of (nearly) every other nation on this planet. Canadians, French, Chinese, Russians, Brazilians, etc., etc... all free to roam the world, and to file their taxes to the government that th
Re: Race to the bottom (Score:1)
For individuals true, but tech corp subsidiaries will be a while different matter. I suppose that would work for an individual too. Have your foreign earnings paid to a foreign corp you control, but never repatriate the funds to the USA, itâ(TM)s how the big boys do it. The problem is there is overhead cost for that, so it only makes sense for people making MEGAbucks.
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Anyway the US corporate tax code is rather infamous for being a wonderland of weirdness, full of bizarre loopholes and subsidies inspired by some legislator's desire to bring some company to his district, or whatever other unnatural market-distorting absurdities these folks dream up. This system costs the public some hundreds of billions of USD every year, but
Geniuses, I say! (Score:4, Funny)
Re:Geniuses, I say! (Score:4, Insightful)
It gains nothing for the country, it's so dumb. No tax revenue of of rich companies means the company stays a third world backwater with a wealthy elite. Because _anything_ is tech if you wave your hands fast enough.
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He's jailed so many people he has had to build a vast new prison.
El Salvador might have to revolt against it's government again. Let's hope the CIA don't make it worse this time.
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While El Salvador is definitely not a place I'd want to live in, tax breaks or not, to be fair the arrests last year and this year are from a crackdown on gangs, not journalists.
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It's a crackdown on anything, really. Police has arrest quotas to fill.
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Now the bit-cons don't have to go through the charade of paying taxes, only to suck the revenue back out of the treasury. It simplifies the process of draining El Salvador.
apple to move there profits to EL savlador and kee (Score:4, Insightful)
apple to move there profits to EL savlador and keep the losses in the USA and EU?
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Innovation! (Score:4, Insightful)
Trying to figure out what exactly t.f. this even means. What country taxes innovations? I've heard of taxing land, retail sales, personal income, corporate profits, inheritances... but taxing innovations, that's new to me. Must have been an El Salvadorean thing.
Maybe Mr. President can clear this up for us. He's quoted as saying he "eliminates all taxes (income, property, capital gains and import tariffs) on technology innovations". Clear as mud. So an innovation is one of those things he listed in the parenthesis? Is it all of them? Who decides which (person/place/fund/object) qualify as an "innovations"? I get the feeling it's whoever gives the kickback to Bukele & friends.
On top of that, the article looks like straight-up SEO spam. There are 2 paragraphs' worth of content repeated until it becomes 7 paragraphs of brain spaghetti. They try to cram the phrase "technology innovations" into every sentence - and come pretty close. There are 4 featured articles on the side, all promoting cryptocrap and memecoins.
I know there's a long, celebrated tradition of Slashvertisements. But I think this is the first time I've seen a naked SEO spam site linked to.
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I also tried to find the primary/some relevant source, with no success. /. editors as the news is/looks pretty interesting. So, what are their options?
But this is a difficult situation for the
- To link to a dubious source
- To link to Twitter
- Ignore the news
They went with #1, and I'm fine with that...
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Calling it a "source" is a stretch, it just quotes the Twitter post then restates it in 5 or 6 different ways. The source is Twitter.
Whoever submitted it must not know what SEO spam looks like and feels enlightened reading spaghetti that's meant to trick machines (wow), or maybe didn't read the article at all before linking it. But more likely it's the guy who is made the site that submitted it. Getting direct-linked from the front page of Slashdot has got to be worth at least a dozen spam Wordpresses in te
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Good point.
I mean, California and many other states, as well as many countries, offers money and grants for innovations. If you invest in high technology R&D, a lot of that often gets special tax dispensation that allow it to be written off on ta