New tax reform is set to be discussed in coming weeks

With investors pressure mounting, Colombia’s government is promoting its tax reform proposal to Congress with the purpose of avoiding a potential credit rating downgrade.

According to finance minister Jose Manuel Restrepo, “We have achieved deals which will allow us to present it to Congress in the coming weeks.” He was accompanied at the announcement by beneficiaries of government social programs, business leaders and lawmakers from the government’s legislative coalition and parties classed as independents in congress (Thomson Reuters, 2021).

The new proposal will not increase sales taxes but will target the companies and wealthy individuals.
 

 

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