SAN SALVADOR – El Salvador’s Congress approved on Tuesday a reform to remove income taxes previously imposed on money from abroad, in a move to attract more foreign investment.
Money flows from abroad in forms such as remittances and investments in companies will now be exempt from tax, lawmakers said.
Prior to the reform, incomes equal to or greater than $150,000 had to pay a rate of 30% at the time of entry into the country.
“The initiative aims to stimulate domestic and foreign investment to boost the economy and generate better and more employment opportunities,” said lawmaker Suecy Callejas in Congress when defending the reform. REUTERS
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email [email protected] Follow our WhatsApp verified Channel
