Open Banking and Digital Taxation: The Future of Finance

The legal firm PPO and the Internet Org Foundation developed research on the Digital Economy in Bolivia

PPO ABOGADOS with the management of the Fundación Internet Org, Friedrich-Ebert-Stiftung FES Bolivia; and sponsored by Banco Mercantil Santa Cruz (Mercantil Santa Cruz Bank), presented a research on open banking and digital taxation, with the aim of supporting Tech entrepreneurs to promote the development of the national economy and update on new trends. The research was presented under three pillars in an event at the Mercantil Santa Cruz Tower Building.

One of the research topics approached was “Open Banking as the Next Step for Financial Innovation in Bolivia”. A systematic review of all the regulations of the financial system was developed. In accordance with this, it was determined how business models in Bolivia are regulated based on technology, fintech, and traditions. Finally, regulatory proposals were developed to structure the initial steps of open banking in Bolivia.

“At Banco Mercantil Santa Cruz, constant innovation and support for this kind of research is very important to promote the digital development of banking in general. We consider that this information is very valuable for tech entrepreneurs, whom we want to constantly support because their work is promising for the future of the country”  said Andrea Urquidi, Marketing Manager of Banco Mercantil Santa Cruz.

Another research topic was “E-Commerce and the regulation of digital payments in Bolivia”. The document presented a basis for a structured conversation on the regulation of the digital payment system in Bolivia, and the fundamental development for the progress of electronic commerce in the country.

The document contains a description of the evolution of the digital payment system in the current regulatory framework, the regulation of the actors and instruments, identifying the challenges and opportunities for the infrastructure of the digital payment system so that it provides a greater opportunity for expansion to the actors, improve the user experience, and contribute to the expansion and strengthening of E-Commerce in Bolivia.

“These documents are an important contribution that all entrepreneurs and businessmen should know about. As a bank, we are proud to support and promote the presentation of this valuable documentation for the community of entrepreneurs.” added the executive.

Finally, another pillar of the research was “Tax Incentives for Digital Businesses, a legislative proposal for Bolivia”, in which the tax regulations in Bolivia were analyzed from the perspective of digital businesses and entrepreneurship.

The document analyzed the current state of the tax regulations applicable to digital businesses, along with the results of the focus groups that have been carried out with digital entrepreneurs from Bolivia.

In the same way, the document formulates a series of proposals and initiatives focused on their normative viability, political and social acceptability, administrative implementability, and economic acceptability, concluding with the annexes, where the efforts that are being made internationally for regulation of Taxation of Large Technological Companies are described.

It is important to highlight that these documents are valuable contributions to the country. With this information, the current state of the three pillars studied in Bolivia can be visualized. The people involved in these documents are Salomón Eid, Andrea Lizárraga, and Maria Fernanda Ribera, who contributed with their knowledge to the document: “E-Commerce and the Regulation of Digital Payments in Bolivia”. In the same way, Pablo Ordoñez, Alexandra Ortiz, and Carola Soruco also participated in the document “Tax Incentives for Digital Businesses. Regulatory Proposal for Bolivia”.

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