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

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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