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COLOMBIA: Finance Minister Bonilla Submits Tax Bill To Congress

COLOMBIA
BulletEM BulletEmerging Market News
  • Finance Minister Bonilla has submitted the government’s tax bill to congress which includes more tax hikes on the wealthy, higher taxes on online gambling platforms and increased rates on hybrid vehicles. The bill would also gradually lower the corporate tax rate over a five-year period, from 35% to 30%.
  • As noted, the bill aims to plug a COP 12tn shortfall in the budget which a group of lawmakers has said can be met with spending cuts instead. Congress committees are due to vote on the proposal to cut spending tomorrow, but the government has said it will press ahead with its tax bill regardless.
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  • Finance Minister Bonilla has submitted the government’s tax bill to congress which includes more tax hikes on the wealthy, higher taxes on online gambling platforms and increased rates on hybrid vehicles. The bill would also gradually lower the corporate tax rate over a five-year period, from 35% to 30%.
  • As noted, the bill aims to plug a COP 12tn shortfall in the budget which a group of lawmakers has said can be met with spending cuts instead. Congress committees are due to vote on the proposal to cut spending tomorrow, but the government has said it will press ahead with its tax bill regardless.