Daily Archives: January 6, 2013

The procedural rules/norms under work for the ‘Dollar Law’

Bolivian citizens and specially those living abroad who are sending remittances to their families back home, must take special attention to this new governmental policy.

Ismael Luna Acevedo writes for El Dia:

Financial institutions must adapt

The procedural rules/norms under work for the ‘Dollar Law’ 

Money. The State with this standard hopes to have an income no less than 80 million dollars annually. It will be supervised by ASFI and the BCB.

2013-01-03 08.46.24 amThe national tax service (SIN), regulated the Declaration and payment of tax to the sale of foreign currency (IVME) in the framework of the law Nº 291, on September 22, 2012 and the powers conferred by article 64 of the law No. 2492. The Government considered excessive the gain of part of the financial sector in the purchase and sale of dollars, whose annual utility reported more than $500 million annually, and therefore decided to apply this rule.

Forms of application. “Roberto Ugarte, Executive Chairman of the SIN, in a technical way, reported that the regulatory process that establishes the form, means and deadlines for the fulfillment of tax obligations, reaches to banking and non-banking financial institutions as well as exchange houses which made sale of foreign currency”.

“Taxable persons reached by the tax on the sale of foreign currency, will be enabled in the national registry of taxpayers with the characteristic “Sale of foreign currency – IVME”, for the registration of the tax liability,” said the authority.

Other scopes. Ugarte explained that for the Declaration and payment of the IVME, the form 799 come into effect, version 2 and the ballot of payment 1090 version 2, for the Declaration and payment of tax to the sale of foreign currency – IVME, only available through the virtual office.

The tax must be submitted on a monthly basis within the deadlines established for this purpose by the Supreme Decree No. 25619 of December 17, 1999, according to the last digit of the NIT.

Relevant requirements. Banking and non-banking financial institutions shall have the backing of the sale of foreign currency the internal transaction voucher, compliant definition of standard and with the following data: trade name of the entity, tax ID, sequential operation number, date of transaction, amount of the transaction, exchange rate and currency, number of identity document or NIT of the buyer.

http://eldia.com.bo/index.php?c=Portada&articulo=Reglamentan–Ley-del-Dolar-&cat=1&pla=3&id_articulo=107158

Right before the passing of this law, the government’s discourse was that it was not going to have an impact on the population but on those business engaged in the exchange of the currency. To which, some businesses said it will be passed onto the client, which is more likely to happen. So, if for any reason you have to buy/sell dollars, chances are that this operation will end up costing more to you.