One hundred and thirty-two individuals registered to pay the Large Fortune Tax

The National Tax Service (SIN) reported the registration of 132 taxpayers for the Large Fortune Tax (IGF), whose first deadline expires today, Wednesday, March 31. It is for individuals residing in the country, with a net accumulated fortune of more than Bs 30 million ($4.3 mn)within the national territory or abroad.

SIN will audit more to achieve $3.7 bn in revenues

In 2021 the National Tax Service (SIN) aims to collect 25.81 billion Bolivianos ($3.7 bn) with more audits, legal actions and an increase in taxpayers. The goal was signed in an agreement within the national government and asked sub-national governments to assist in the task.

Smuggling and low consumption of dairy products affect the sector; sales fall 20% year-on-year

Cainco's affiliated companies in the dairy sector expressed their concern about the sustained reduction in dairy consumption in the country in recent years due to smuggling and low consumption in the domestic market. As of January of this year, there was a 20% year-on-year reduction in sales.

Government reactivates “mobile wallet” application with $3.7 mn in balance

The mobile wallet has a balance of 26 million bolivianos ($3.7 mn), and the Government reactivated the application for the purchase of products made in Bolivia and to support domestic companies.

YPFB activates an exploration plan in 20 areas with a $400 mn investment

According to data from the Ministry of Hydrocarbons, gas production, the main export product to Argentina and Brazil, contracted up to 17%, while liquids (gasoline and diesel) production fell to 13% in 2020. Given this, the state-owned Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) informed that during the 2021-2022 period, it would implement an exploration plan that includes the execution of 20 projects, reaching an investment of $400 million.

Fuel imports rise after falling 41.7% in 2020

Fuel imports grow again this year after registering a 41.7% drop in 2020. In January 2021, the value of imports grew by $94.3 million in gasoline and diesel. YPFB announced the construction of the renewable diesel plant until 2024 with an investment of $250 million, a project to reduce imports of this fuel and the subsidy.

ENDE reports 13% drop in profits due to electricity tariff reduction in 2020

The Empresa Nacional de Electricidad (ENDE Corporación) is experiencing problems of illiquidity and arrears due to the reduction of electricity tariffs for three months in 2020, in addition to the prohibition of cuts to consumers. They attribute this to a 13 per cent decrease in profits for its affiliates and subsidiaries.

Luis Barbery re-elected as CEPB president for the 2021-2023 term

The institutions that make up the Confederation of Private Businessmen of Bolivia (CEPB) re-elected Luis Fernando Barbery Paz as its president for the 2021 - 2023 term the rules established in its statutes. The current president of the Bolivian private sector was born in Santa Cruz, is an Industrial Engineer with a postgraduate degree in Advanced Business from Harvard University and a Masters in Business Administration from the University of Toledo - Ohio.

Government announces $21.5 mn guarantee fund for the productive sector

The national government set up a trust fund of Bs 150 million ($21.5 mn) through the Guarantee Fund for the Development of National Industry (Fogadin) to access credit and reactivate the economy to replace imports.

Government invests $8.19 mn in evaporite resources research centre

The government announced that it would inaugurate at the end of March the Centre for Research in Science and Technology of Materials and Evaporitic Resources. The Centre built in La Palca, Potosí, had an investment of Bs 57.1 ($8.19 mn). The equipment will require an investment of more than $5 million to acquire high-tech equipment for research, development and innovation of cathode materials, electrolytes and chemical elements for the industrialisation of Bolivian lithium and its derivatives.