Bolivia's tax agency advances bank account unfreezing under relief law

Bolivia's National Tax Service (SIN) is advancing the process of unfreezing bank accounts for taxpayers eligible under the Tax Relief Law 1733. The measure aims to lift account freezes and restore liquidity to families, entrepreneurs, and small businesses that have settled their tax debts through forgiveness or payment plans.

Jorge Zogbi, executive president of the SIN, reported that around 173,000 taxpayers have already regularized their situation, either through lump-sum payments or payment facilities. This initiative has so far generated Bs 618 million in revenue. The law, enacted on May 27, allows taxpayers to benefit from its provisions until September 23.

The unfreezing of accounts is not automatic. The SIN must validate taxpayer information before sending lists to financial institutions, which then perform the technical operations to lift garnishments. The tax administration is continuing to process debt conclusion orders and transmit data, anticipating an increased volume of information in the coming weeks. Financial entities are currently processing these lists and gradually enabling banking operations.

Taxpayers with debts from 2018, 2019, and 2021-2025 can use payment plans of up to 36 monthly installments. Those opting for immediate payment receive a 50% reduction on maintenance of value charges. The relief program is now entering a new phase focused on ensuring that the lifting of coercive measures translates into the effective recovery of access to beneficiaries' bank accounts.

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The measure reaches those who extinguished their debts through condonation or opted for regularization plans. The objective is to suspend coercive measures and return liquidity to families, entrepreneurs, and small businesses.