Bolivia Enacts Tax on Large Fortunes Affecting Country’s 152 Wealthiest Residents

It will be an annual and permanent tax for everyone living in the Latin country, including foreigners.

RIO DE JANEIRO, BRAZIL - Bolivian President Luis Arce, on December 29th, signed into law a tax on fortunes over 30 million Bolivianos (around 3.5 million euros), which will initially be levied on a total of 152 high net worth individuals.

The law was passed by Congress - where the (MAS - Movement towards Socialism) party supporting the Government is the majority - and establishes gradual percentages for tax payment: 1.4% for people with wealth valued between 30 and 40 million Bolivianos (3 to 4 million euros); 1.9% from 40 million (4 million euros) to 50 million (5 million euros); and . . .

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