Bolivia's president-elect, Luis Arce, is planning to introduce several tax measures once he takes office. This includes: A reduction in the VAT rate on credit card payments from 13% to 8%; The introduction of a VAT refund for low-income individuals; and The introduction of a progressive wealth tax on personal assets exceeding USD 5 million (final threshold and rates to be determined). Luis Arce won the election on 18 October 2020 and will take office in November.