law no 175
LAW OF OCTOBER 11, 2011
EVO MORALES AYMA
CONSTITUTIONAL PRESIDENT OF THE PLURINATIONAL STATE OF BOLIVIA
For the Plurinational Legislative Assembly, it has The following Act:
THE PLURINATIONAL LEGISLATIVE ASSEMBLY,
D E C R E T A:
LAW FOR PURCHASE OF GOLD DESTINED
TO INTERNATIONAL RESERVES
Article 1. Is the Central Bank of Bolivia authorized? BCB to buy gold in bars from State Mining Companies and the Integral Central of Minerals Marketing of the Ltda Mining Cooperatives. (TRADE) which, will be exclusively intended for the increase of the International Gold reserves.
Article 2. The Central Bank of Bolivia? BCB will pay for the purchase of gold the price determined on the basis of the international price of this metal, minus the corresponding deductions, at the amount of which will be applied to the effective rate of the Value Added Tax? VAT, which will finally be taken over by the Central Bank of Bolivia? BCB.
In case the price determined as the effect of the Value Added Tax application? VAT, higher than the international price of gold, is authorized to the Central Bank of Bolivia? BCB to assume this cost.
Article 3. The characteristics, conditions, opportunities and procedures for the purchase of gold by the Central Bank of Bolivia? BCB and the procurement of sampling services, laboratory tests transport and refining
of gold, 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 issuer is exempt from the application of the Basic Rules of the System of Administration of Goods and Services.
Article 4. The sales of gold in the local market that are destined exclusively to increase the international reserves in charge of the Central Bank of Bolivia? BCB, are exempt from the Transaction Tax? IT.
Article 5. The Executive Body will regulate this rule within ninety (90) days of publication.
Remit to the Executive Body, for constitutional purposes.
It is given in the Session Room of the Legislative Assembly. Plurinational at ten days of the month of October of two thousand eleven years.
Fdo. René Martínez Callahuanca, Héctor Enrique Arce Zaconeta, Zonia Guardia Melgar, Carmen García M., Esteban Ramírez Torrico, Ángel David Cortés Villegas.
Therefore, it is enacted so that it has and complies with the Law of the Plurinational State of Bolivia.
City of La Paz, on 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.