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The Government presented the General Budget 2022, which sets tax level figures

The Government presented the General Budget 2022, which sets tax level figures

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The “el diario.net” website published a report on the Government’s tax fixation due to a growth of 5.1% and a fiscal deficit of 8%. Let’s see:

1. General state budget

The consolidated General State Budget for the tax management is 235,090 million bolivianos, and a reduction of the tax deficit from 9.7% of the GDP in 2021 to 8% in 2022 is projected.

2. What does the PGE 2022 encompass?

According to the aforementioned website, the Government presented the PGE (Presupuesto General del Estado – General State Budget) 2022, whose formulation establishes a growth of 5.1 % and a tax deficit of 8 %, as well as a public investment of more than 5,000 million dollars, informed the Minister of Economy and Public Finances, Marcelo Montenegro.

3. Tax collections

Total tax collection was set at 45,041 million bolivianos in 2020, but a target of 50,470 million bolivianos is set for 2021, increasing by 12.1 %, and tax revenues will rise from 37,028 million to 42,408 million bolivianos.

4. Special tax on hydrocarbons

The IEDH (Impuesto Especial a los Hidrocarburos y sus Derivados – Special Tax on Hydrocarbons and their Derivatives) decreases from 6,304 million bolivianos to 5,625 million, but the IDH (Impuestos Directos a los Hidrocarburos – Direct Tax on Hydrocarbons) increases from 1,708 million to 2,438 million.

5. Mining sector and others

An investment of US$810 million is programmed for the mining sector, while hydrocarbons will receive a budget of US$359 million, transportation US$1,284 million, water resources US$171 million, agriculture US$274 million, energy US$316 million, and industry US$291 million.

6. Gross domestic product

The Minister of Economy and Public Finance, Marcelo Montenegro, informed that the PGE 2022 projects a GDP growth rate of 5.1 %, an inflation rate of 3.4 %, a tax deficit of -8 %, and a public investment emphasizing the productive sector that reaches US$5,015 million.

7. Health and education sector

The consolidated budget for health will be 23,590 million Bolivianos, equivalent to 10% of the consolidated 2022 PGE, while Education will receive 25,370 million Bolivianos, representing 10.8% of the consolidated PGE. The defense sector will receive 4,664 million, and the Government will receive 4,734 million.

Source: El Diario 26/11/21

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