Colombian President Offer 5-yr Tax Holiday To Crypto Startups
The President of Colombia Iván Duque Márquez has offered a five year tax holiday to crypto and blockchain startups, which are willing to setup business in the country and provide job to local population.
The bold announcement was made at the International Congress on Information and Communication Technologies.
The President issued the following statement:
“We want companies to be formed so that Colombia can be a great player in the sector, but many times the country’s tax policy has been designed to make this type of approach an obstacle course for entrepreneurs. That is why I want us to take forward the exemption from income tax for five years for all companies that are set up for these sectors and generate a minimum number of jobs in the country.”
Duque is also planning to create a new “High Councillor” position to monitor the entire process and assist companies to establish their office in the country. The President is well known for his brave moves. During the election campaign, Duque had promised the use of blockchain to enhance transparency of day-to-day activities of government, in case he comes to power.