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The new tax will be applied to about 150 citizens who have fortunes in excess of US$4.3 million.
Bolivia's Lower Chamber Thursday approved a bill that seeks to establish a tax on large fortunes in order to support social programs.
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The tax will be applied to citizens who have fortunes exceeding US$4.3 million. Movement Towards Socialism (MAS) lawmaker Omar Yujra noted that it will reach around 150 citizens who currently have those fortunes.
Also, a quota of US$86,200 will be applied to fortunes between US$5.7 million and US$7.2 million and it will be progressive to greater wealth.
The Lower Chamber approved another rule for the return of 5 percent of all invoiced purchases to people with incomes under US$1,293.
Old photos of El Alto in the 1980s. Rural poverty brought millions more to the area, it's now a huge indigenous rebel city whose people have led the succesful struggles against neoliberalism in Bolivia.
— Kawsachun News (@KawsachunNews) December 7, 2020
¡El Alto de Pie, Nunca de Rodillas!
(Photos: Ministry of Culture Archive) pic.twitter.com/xIrSB7hJkI
The Senate is set to discuss the tax on large fortunes, which is estimated to raise about US$15.1 million.
Early this week, President Luis Arce abrogated seven Supreme Decrees approved by the former de facto president Jeanine Añez, noting that they were directed towards establishing a neo-liberal economic model in the country.
"Supreme Decree 4139 is an attack on food sovereignty and food security, with the possible increase in prices and shortage of sensitive products such as beef, chicken, wheat, rice, and corn. That situation would lead to a scenario of pressure on prices," Economy Minister Marcelo Montenegro said.
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