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Local Assets Rally On Draft Tax Bill Text, Bogota Enters Lockdown

COLOMBIA
  • Colombia's government on Thursday formally proposed to Congress a $6.4 billion tax reform that would eliminate many deductions and increase duties on individuals and business.
    • "It is moderate reform if we compare it internationally," Finance Minister Alberto Carrasquilla said during a virtual presentation.
    • The bill is subject to revisions by lawmakers before becoming law.
  • Colombian assets rallied after the draft was published by the local media Thursday morning. Local-currency government bonds maturing in 2030 rose to 108 cents on the dollar, the highest level in a week, and the peso also strengthened.
  • Colombian capital Bogota enters a three-day lockdown aimed at curbing spread of Covid-19 infections.

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