Exciting news from Bolivia! The country’s tax revenue has soared to 13.031 billion bolivianos (around $1.824 billion) in the first four months of 2024. This marks a substantial 12.5% increase from the same period in 2023 when the revenue stood at 11.584 billion bolivianos ($1.621 billion).
The National Tax Service SIN released these impressive figures, confirming the significant growth in Bolivia’s internal market. SIN President Mario Cazón emphasized the importance of this surge, attributing it to the remarkable performance of key taxes, particularly the Corporate Income Tax (Impuesto a las Utilidades de las Empresas), which saw a remarkable 20.3% increase.
Additionally, the Value Added Tax (Impuesto al Valor Agregado) surged by 8.7%, with the Transactions Tax (Impuesto a las Transacciones) and Specific Consumption Tax (Impuesto al Consumo Específico) also registering increases of 3.2% and 2% respectively. The SIN leadership emphasized how this boost in tax revenue contributes to Bolivia’s economic growth, benefiting its citizens through improved public services and infrastructure development.
President Luis Arce took to social media to share the positive news, highlighting the country’s ongoing economic recovery. He noted that the rising tax revenue reflects a buoyant economic activity spread across various sectors, showcasing the government’s commitment to fostering growth and stability.
These recent economic developments underscore Bolivia’s dedication to sound fiscal management, translating directly into tangible benefits for society. With prudent fiscal policies, increased trade, and favorable market conditions, Bolivia’s economic recovery appears set to continue on its upward trajectory.
As these positive trends persist, Bolivia’s economy will be further strengthened, leading to an enhanced quality of life for its citizens. Exciting times lie ahead for Bolivia, with prosperity and progress on the horizon!