On 13 March 2024, the Legislative Assembly of El Salvador announced that it passed reforms to the Income Tax Law. The reforms offer an income tax exemption on foreign investments in the country. In an X (formerly Twitter) post, President Nayib Bukele revealed that the tax rate for international investments and money transfers has been reduced from 30% to 0%. Previously, amounts equal to or greater than USD 150,000 were taxed at 30% upon entry into the country.