Bolivia Gazettes Law Relaxing Tax Compliance Rules for Individuals

The Bolivian Official Gazette July 25 published Law No. 1448, relaxing tax compliance rules for individuals. The law includes measures: 1) extending the deadline to 20 days from 10 days to pay outstanding tax amounts without a penalty; 2) reducing the penalty for unpaid tax obligations to 60 percent from 100 percent of the unpaid tax; 3) extending prior tax payment facilities for taxpayers who failed to fulfill their payment obligations; and 4) modifying the income tax treatment of independent workers and of those engaged in specified professions or trades to RC-VAT instead of business profits taxes (IUE). The law ...