El Salvador President Nayib Bukele has announced that he will be submitting a bill to eliminate all taxes on technology innovation, including income tax, property tax, capital gains tax, and import tariffs.

This would specifically apply to the development of software programming, coding, apps, and AI development, as well as computing and communications hardware manufacturing.

The bill will need to be passed by Congress before it can become law.

Bukele has been vocal about his support for the development of technology in El Salvador, with the country recently becoming the first in the world to adopt Bitcoin as legal tender. This move to eliminate taxes on technology innovation is likely to be seen as another positive step in encouraging innovation and investment in the country's technology sector. The bill will need to be passed by Congress before it can become law.