Bolivia has published Law No. 1462 of 9 September 2022 in the Official Gazette. The law mainly contains amendments regarding the general state budget, but also includes measures extending the VAT incentives introduced by Law No. 1391 of 31 August 2021 and adjusts the specific consumption tax (Impuesto a los Consumos Específicos - ICE) rate ranges for certain beverages.
As previously reported, the VAT incentives introduced by Law No. 1391 include a VAT exemption on the import of qualifying capital goods, industrial plants, and high-capacity cargo vehicles destined for the agricultural and industrial sectors and on the import of heavy machinery for the construction and mining sectors, as well as VAT zero-rating when these are commercialized in the domestic market. Originally only applicable for one year, Law No. 1462 provides that the VAT exemption and zero-rating apply until 29 September 2023.