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Revised Tax Plan To Go Before Congress Tuesday

COLOMBIA
  • Finance Minister Restrepo will put the revised draft tax plan to congress on Tuesday.
  • The revised proposal aims to raise $4bn — around two-thirds as much as the initial package.
  • The initial response from political parties has been largely positive, suggesting it should be approved without too many changes. Restrepo said he expected it to be passed by the end of August. Despite the optimism, another big anti-government protest is planned.
  • Restrepo has been clear to point out the new version puts the burden on the private sector, aiming to alleviate any further social unrest.
  • In what will be welcome news for bondholders, the revised plan abolishes a withholding tax for fixed income foreign investors which until now stood at 5 per cent. "The idea is to attract investment," Restrepo said. "This change puts us on a par with other countries in the region like Peru, Panama and Uruguay."
  • In all, the government hopes to reap 69 per cent of the $4bn total from changes to the tax regime and the remaining 31 per cent from efficiency savings and a crackdown on tax evasion.
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