Government foresees collection of $287.3Mn by amending the Tax Code

The Bolivian government is preparing a draft law that seeks to modify the current Tax Code; it proposes reducing the extinction of tax controls from eight to four years, eliminating fines and reducing interest, among other benefits so that taxpayers can normalise their situation. The bill could raise Bs 2 billion ($287.3 mn). Currently, there is a non-payment of Bs 41,4 billion ($5.9 bn) in the Tax Service, and around Bs 3 billion ($431 mn) from Customs. The period of validity of this regulation will be three months.

Coronavirus to impact Bolivian economy

From China comes 22% of Bolivian imports composed of automobiles, and inputs for agro-industry and construction. If these goods do not arrive, strategic sectors are likely to be delayed. The coronavirus will also affect tax revenues from imports, 30% of taxes come from the entry of Chinese goods into the country. The government is studying measures to mitigate the impact.