The Salvadoran Ministry of Economy announced that 60 technology companies are in consultations to start operations in the country since the Law for the Promotion of Innovation and Technological Manufacturing became known.
In a television interview, Minister María Luisa Hayem pointed out that recently the State portfolio she directs gave authorization to five technology companies that will operate under the incentive regime that came into force last June 5.
“It is a law that is quite broad in scope since it covers all those technology companies that develop software, programming, and data analysis, but at the same time it takes into account all the companies that will produce a good or a technological input”, added Hayem.
Among the benefits that will be available to technology companies is the exemption of income tax, property, capital gains, and import duties for the creation of software and hardware for 15 years.
This law was introduced on March 30 by Minister Hayem, to boost the diversification of local human talent in technology manufacturing and eventually turn the nation into an innovation hub.
The law is designed to accelerate the country’s economic and sustainable development by fostering innovation and technology manufacturing through five 15-year tax incentives.
Source: Forbes Centroamérica
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