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Incoming Tax Chief Seeking To Create Level Playing Field In Tax Bill

COLOMBIA
  • The President Elect’s government will seek to attract foreign investors by guaranteeing a stable business environment, rather than by giving tax breaks to favoured sectors, according to a top official when interviewed by Bloomberg.
  • The administration of Gustavo Petro, which takes office next month, wants to create a level playing field by eliminating tax benefits that have tended to go to politically-connected players, said Luis Carlos Reyes, who Petro named to head the tax agency.
    • Instead, the Petro government wants to strengthen the rule of law and have clear and stable rules for business, Reyes said.
    • “The clear message that we want to send is that foreign investment is welcome,” Reyes said Friday, in a phone interview. “We are going seek to create stable conditions that make investing in the country attractive.”
  • Colombia tax bill will likely be sent to Congress on Aug. 7
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