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Lawmakers Pass Tax Reform Bill Set To Raise $4 Billion Annually

COLOMBIA
  • The law will raise 15.2 trillion pesos per year, equivalent to about 1.5% of Colombia's gross domestic product, which will initially be used to finance spending for this year and next.
    • "Our projections remain: 15.2 trillion in total collection, derived from cost-cutting efforts of 1.9 trillion, 2.7 trillion from (tax) formalization efforts and the fight against (tax) evasion, and 10.6 trillion in solidarity contributions from the business sector," Finance Minister Jose Manuel Restrepo said before voting began.
  • Duque's government has insisted the law is vital at a time of rising debt, an expanding fiscal deficit and amplified social spending in response to the coronavirus pandemic. (NPW)
  • The bill's passage late on Tuesday will provide a road map, the government has said, for Colombia to allay investor fears and recover investment grade credit ratings from S&P and Fitch, which earlier this year cut the country's ratings to junk.
  • The government expects the fiscal deficit to widen to 8.6% of GDP this year and to fall to 7% next year. (BBG)
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