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September Inflation Data Due, Ocampo On Tax Bill

COLOMBIA
  • Inflation data for September is expected to rise above 11% Y/y with the data due for release at 1200BST/0700ET:
  • September CPI Y/y, est. 11.29%, prior 10.84%; M/m est. 0.75%, prior 1.02%
    • Citi noted this morning that inflation should remain relatively high in its September figure, as activity continues to show solid momentum. They expect CPI to remain above the 11% level through the rest of 2022.
  • Finance minister Jose Antonio Ocampo spoke to reporters after meeting with lawmakers, according to an audio sent by his press office.
    • Tax revenue is forecast at 22 trillion pesos ($4.9 billion) in 2023 and it will increase gradually over the coming years boosted by the fight against tax evasion. Lawmakers are expected to discuss the bill and vote on it on Thursday.
    • Tax bill eliminates an earlier plan to impose levies on oil and coal exports. Current proposal doesn’t allow companies to deduct royalty payments from corporate taxes and adds a surcharge of 10%, 7.5%, and 5% on oil and coal companies over the next three years, respectively. (Bloomberg)
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