Bolivia Lower House Passes Bill to Introduce Taxation of High Net Worth Individuals

The Bolivian Chamber of Deputies Dec. 17 passed Bill No. 033/2020-2021, to introduce a great fortunes tax (IGF) on high net-worth individuals. The bill includes measures to: 1) implement IGF on resident and nonresident individuals with tangible or intangible assets valued at or over 30 million Bolivian bolivianos (US$4 million) for the 2020-21 fiscal year; 2) introduce a progressive tax rate between 1.4 percent and 2.4 percent for individual and joint filings; 3) establish a 183-day rule to determine tax residency; 4) exclude various entities and individuals from the IGF; 5) set filing procedures, valuation, and calculation methods; and 6) ...