Latin America

Bolivia bets on wealth tax to boost post-pandemic recovery

Following in the footsteps of Argentina, the Bolivian government has brought in a wealth tax, set to affect the country's 152 richest people

Following in the footsteps of Argentina, the Bolivian government has brought in a wealth tax, set to affect the country's 152 richest people
Protest by rural mining indigenous workers, who demand better wages and working conditions. Photo: Karol Moraes/Shutterstock

Just a few months after Argentina decided to introduce a wealth tax on large fortunes to assist the government during the pandemic, northern neighbors Bolivia opted to follow in their footsteps. On December 28, Bolivian President Luis Arce enacted a law through which the state can tax people whose wealth exceeds BOB 30 million bolivianos (USD 4.33 million), and the measure has been met with praise from the population.

The measures apply to every Bolivian resident, including foreigners with money invested in Bolivian businesses. The government estimates that 152 of the country’s richest people will be affected by the...

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