Bolivia's Government Will Tax Large Fortunes in 2021
Published 13 November 2020
In an interview for the Bolivian TV channel UNITEL, the minister said that the newly elected government is working on the scope of this tax, which was announced by the new Bolivian President, Luis Arce, during his political campaign.
Montenegro explained that "it is a tax on large fortunes" and would impact at least 150 people, achieving a potential collection of 100 million Bolivians (14.4 million dollars.
According to the Minister of Economy and Finance, Bolivia is one of the countries in Latin America with a considerably low tax base, meaning tax revenues are minimal.
The tax had been announced by Arce since the beginning of his campaign and was ratified after his victory in the general elections on October 18. However, he clarified that it would be applied to personal assets and not to companies to avoid the private sector's complications and prevent decapitalization.
Arce has commented that the tax's purpose is to generate new sources of income from those who have more and give to those who have less.
More:
https://www.telesurenglish.net/news/Bolivias-Government-Will-Tax-Large-Fortunes-in-2021-20201113-0022.html
