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☆ El Salvador Removes Income Taxes for Money From Abroad
▼ + stars: | 2024-03-12 | by ( March | At P.M. | ) www.usnews.com time to read: 1 min

SAN SALVADOR (Reuters) - 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. (Reporting by Nelson Renteria; Writing by Valentine Hilaire; Editing by Sarah Morland)

Persons: Suecy Callejas, Nelson Renteria, Valentine Hilaire, Sarah Morland Organizations: SALVADOR, Reuters, Salvador's

☆ El Salvador backs mass trials for thousands held in crime crackdown
▼ + stars: | 2023-07-26 | by ( Nelson Renteria | ) www.reuters.com time to read: +3 min

[1/2] El Salvador's President Nayib Bukele speaks during a ceremony to lay the first stone of a new public hospital, in San Salvador, El Salvador June 15, 2023. El Salvador has been under a state of emergency for 16 months, sparking the arrest of over 71,900 alleged gang members. Opposition politicians and rights groups say group trials risk depriving detainees of their right to due process and their individual presumption of innocence. On July 14 at the Inter-American Commission on Human Rights, rights organizations denounced the deaths of 174 people in state custody and over 6,400 documented human rights abuses during the state of emergency. Reporting by Nelson Renteria in San Salvador; writing by Sarah Kinosian; Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Nayib Bukele, Jose Cabezas, Nayib Bukele's, Gustavo Villatoro, Manuel Melendez, Ingrid Escobar, general's, Nelson Renteria, Sarah Kinosian, Matthew Lewis Organizations: El, San Salvador , El, REUTERS, SALVADOR, Central American, Justice, Salvadoran, Harvard University, Legal, Inter, American, Human Rights, Lawmakers, Thomson Locations: San Salvador ,, San Salvador , El Salvador, El Salvador, San Salvador

☆ El Salvador slashes size of Congress ahead of elections
▼ + stars: | 2023-06-07 | by ( Nelson Renteria | ) www.reuters.com time to read: +2 min

[1/2] El Salvador's President Nayib Bukele delivers a speech to mark his fourth year in office, in San Salvador, El Salvador June 1, 2023. REUTERS/Jessica Orellana/File PhotoSAN SALVADOR, June 7 (Reuters) - El Salvador's Congress passed an electoral reform in the early hours of Wednesday to reduce the lawmaking body's size by nearly a third, a move the ruling party says will reduce spending and critics say consolidates power ahead of elections. The reform, announced last week by President Nayib Bukele in an address marking four years in government, cuts the unicameral Congress' size from 84 lawmakers to 60. Presidential and legislative elections will be held in February, with municipal and regional Central American Parliament elections scheduled for March. In 2021, El Salvador's top court, whose members are appointed by Congress which is controlled by the president's party, ruled that Bukele could stand for re-election, a decision that drew international condemnation.

Persons: Nayib Bukele, Jessica Orellana, Bukele, Anabel Belloso, Nelson Renteria, Kylie Madry, Bill Berkrot Organizations: El, San Salvador , El, REUTERS, SALVADOR, Salvador's Congress, FMLN, Central American, Thomson Locations: San Salvador ,, San Salvador , El Salvador, Congress, El

☆ El Salvador Congress extends year-long anti-gang crackdown
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

SAN SALVADOR, March 16 (Reuters) - El Salvador's Congress passed yet another extension suspending some constitutional rights in the Central American country's year-long fight against gangs late Wednesday. [1/3] Gang members wait to be taken to their cell after 2000 gang members were transferred to the Terrorism Confinement Center, according to El Salvador's President Nayib Bukele, in Tecoluca, El Salvador, in this handout distributed to Reuters on March 15, 2023. "We need to keep fighting criminal groups, we need to give assurance to Salvadoran families, for their lives and their property." Since the measure was enacted, extortion cases have dramatically dropped, and El Salvador has gone 215 days without a murder reported, according to the government. El Salvador has the highest incarceration rate in the world.

☆ El Salvador begins transfers to 'mega prison' amid gang crackdown
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

[1/8] A prison agent guards gang members as they are transported to their cells, after 2000 gang members were transferred to the Terrorism Confinement Center, according to El Salvador's President Nayib Bukele, in Tecoluca, El Salvador, in this handout distributed to Reuters on February 24, 2023. Secretaria de Prensa de la Presidencia/Handout via REUTERSSAN SALVADOR, Feb 24 (Reuters) - El Salvador's government moved thousands of suspected gang members to a newly opened "mega prison" on Friday, the latest step in a controversial crackdown on crime that has caused the Central American nation's prison population to soar. "This will be their new home, where they won't be able to do any more harm to the population," President Nayib Bukele wrote on Twitter. Around 2,000 accused gang members were moved to the 40,000-person-capacity prison, considered to be the largest in the Americas, early Friday morning. In a video posted by Bukele, prisoners stripped down to white shorts, with their heads shaved, are seen running through the new prison into cells.

☆ IMF says El Salvador's bitcoin risks have not materialized but 'should be addressed'
▼ + stars: | 2023-02-11 | by ( Brendan O'Boyle | ) www.reuters.com time to read: +2 min

Feb 10 (Reuters) - Risks over El Salvador's embrace of bitcoin "have not materialized," but use of the cryptocurrency still requires transparency and attention, the International Monetary Fund (IMF) said Friday in a statement after a visit to the Central American country. "Given the legal risks, fiscal fragility and largely speculative nature of crypto markets, the authorities should reconsider their plans to expand government exposures to bitcoin," the IMF said in a statement. El Salvador's move to make bitcoin legal tender in September 2021 effectively closed the doors to IMF financing. El Salvador's Congress last month passed a law regulating the issuance of digital assets by both the state and private entities. The IMF highlighted the "full recovery" of El Salvador's economy to pre-pandemic levels, "driven by the effective government response to the health crisis."

☆ El Salvador's Congress approves pension system reforms
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

SAN SALVADOR, Dec 20 (Reuters) - El Salvador's Congress on Tuesday approved reforms to increase pensions and create a state entity to supervise the retirement income system, despite criticism from experts who argued the measures were insufficient. El Salvador's population is 6.7 million. Congress also endorsed the creation of the Salvadoran Pension Institute, a state entity that will oversee the pension system and private funds. The changes, approved by the congress with a pro-government majority, will take effect in January 2023 for all workers affiliated with the pension system. The pension system in El Salvador has operated privately since 1998.

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