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Nation Seeks To End Withholding Tax On Foreign Bondholders (BBG)

COLOMBIA
  • (Bloomberg) Colombia's Finance Ministry will seek to eliminate the withholding tax for foreign bondholders in a bid to attract investors, Finance Minister Jose Manuel Restrepo said in an interview.
  • Proposal to slash the tax to 0% from 5% currently will be included in the upcoming tax bill.
  • "This is in order to be more attractive at this time for the issuance of TES, and remain at the same level as Peru, Panama or Uruguay and to be more competitive," Restrepo said.
  • Fiscal deficit forecast for 7% of GDP next year assumes bill passes, and that most of the extra revenue will come from corporate tax.
  • Government is confident it will have majorities in congress to pass the tax bill.
  • "Regardless of the loss of investment grade, Colombia is a country responsible with its public finances, its growth and its reactivation process," Restrepo said.
  • Govt to receive revenue from sale of ISA to Ecopetrol in 2H.
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