Read the untranslated law here: http://www.gacetaoficialdebolivia.gob.bo/index.php/normas/verGratis_gob2/139567
Law No. 175 law of 11 October 2011 EVO MORALES AYMA President constitutional of the PLURINATIONAL State of BOLIVIA, by how much, the plurinational Legislative Assembly, has sanctioned the following law: the Assembly Legislative PLURINATIONAL, D E C R E T A: law for purchase of gold intended to reserve international article 1. Is it granted to the Central Bank of Bolivia? BCB to buy gold bars State-owned mining enterprises and the Central Integral of marketing of minerals of the cooperative miners Ltda. (COMERMIN) which will be exclusively for the increase of the international gold reserves.
Article 2. The Central Bank of Bolivia? Will BCB pay for the purchase of gold the price determined on the basis of the international price of this metal, less deductions that correspond to the amount of the effective rate of tax be charged value added? VAT, which will be finally taken by the Central Bank of Bolivia? BCB.
In case that the price determined as a result of the application of the tax to the added value? VAT, is higher than the international price of gold, it empowers the Central Bank of Bolivia? BCB to assume this cost.
Article 3. The characteristics, conditions, opportunity and procedures for the purchase of gold by the Central Bank of Bolivia? BCB and the hiring of services of sampling, testing laboratory transport and refining of gold, they will be determined by the Board of the Central Bank of Bolivia? BCB, entity that will assume the cost of the same. To this effect the issuing entity is excepted from the application of the basic rules of the management system of goods and services.
Article 4. Sales of gold in the local market that are exclusively intended to increase international reserves held by the Central Bank of Bolivia? BCB, are exempt from the tax-transaction? IT.
Article 5. The Executive Body shall regulate this standard within a period of ninety (90) days from its publication.
Refer to the Executive Branch, for constitutional purposes.
It is given in the session Hall of the plurinational Legislative Assembly to the ten days of the month of October of two thousand eleven years.
FDO. Rene Martinez Callahuanca, Hector Enrique Arce Zaconeta, Zonia guard Melgar and Carmen García M., Esteban Ramirez Torrico, Angel David Cortes Villegas.
I therefore enacted it is and meets as a law of the plurinational State of Bolivia.
City of La Paz, to the eleven days of the month of October of two thousand eleven years.
FDO. EVO MORALES AYMA, Carlos Romero Bonifaz, Luis Alberto Arce Catacora, José Antonio Pimentel Castillo.
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