El Salvador has decided to reduce the income tax on international investments and money transfers from 30% to 0%. On Tuesday, the Congress of El Salvador passed a measure that eliminates the income taxes that were previously applied to funds coming from foreign sources. The decision was taken in order to draw in more foreign investment to the expanding economy. Lawmakers in El Salvador believe that funds coming from other countries, like remittances and investments in businesses, will no longer be subject to taxes. Prior to the implementation of the reform, individuals earning $150,000 or more were required to pay a tax rate of 30%. The fee was charged upon arrival in the country. Lawmaker Suecy Callejas in Congress defended the reform, saying it is meant to encourage both domestic and foreign investment to improve the economy and create more jobs. Source: ForeignPolicy.com. Additionally, it was reported that the unrealized profit from the investment in Bitcoin in El Salvador has now reached $84 million. El Salvador’s economy is growing rapidly compared to other countries. The nation has earned a significant amount of money thanks to its investments in Bitcoin.