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Economy & Business - April 2021

ECONOMIC HIGHLIGHTS

BOLIVIA | ‘Wealth tax’ exceeds expectations. On 1 April Bolivia’s President Luis Arce announced that Bolivia’s new ‘wealth tax’ (IGF) had “exceeded our expectations” by adding Bs159.3m (US$23.1m) to the treasury since its introduction in December 2020. Known as the ‘great fortunes tax’, the levy is applied to those with assets in excess of Bs30m. President Arce tweeted that 182 Bolivians had been found to have fortunes of this size, which he said corresponded to 0.001% of the population. Adding that he was “reactivating” the tax redistribution policy of the previous government led by Evo Morales (2006-2019), Arce said that “with this measure, the richest will contribute towards improving the quality of life of those most in need”. The income from the tax exceeded the predicted haul of Bs100m by 59.4%, according to the economy ministry.

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