On 29 November 2016, Supreme Decree No. 2993 was published in Bolivia's Official Gazette, which implements amendments to the tax code that parliament approved in July 2016 (previous coverage). One of the main amendments is in relation to late tax payment penalties, which includes a change in the interest rate from the rate published by the Central Bank of Bolivia plus 3%, to fixed rates of 4% per annum for the first four years of arrears; 6% per annum for the 5th year to the 7th year; and 10% per annum for the 8th year and subsequent years until paid.
Other changes include a change in the statute of limitation to eight years with a possible two-year extension in certain cases, new rules for amending tax returns, and the extension of penalty reductions.
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