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Bonilla on Corporate Tax/Diesel Prices, Foreign Minister Suspended

COLOMBIA
  • Finance Minister Ricardo Bonilla told reporters that Colombia will keep diesel prices unchanged in the short term, while gasoline prices will now fluctuate in line with the adjustments for international oil prices. Separately, Bonilla aims to propose a tax reform aimed at lowering the nominal corporate tax rate, currently at 35%, but there are no plans yet to send a formal bill to Congress. The administration would first need to study the potential loss in fiscal revenue from reduced corporate taxes to see if that can be offset with higher taxes for individuals.
  • Data released on Wednesday showed retail and industrial confidence improving at the margin in December, although analysts note further sequential improvements in confidence may be constrained by a slowing economy, and the contractionary level of monetary policy.
  • Reuters reported late Wednesday that Colombia’s inspector general on Wednesday suspended Foreign Minister Alvaro Leyva from his role for three months over possible irregularities in the tender process for producing passports.
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