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Tax Bill Proposal Sparks Widespread Opposition, COP Retreats

COLOMBIA
  • Colombian assets have been under growing pressure following widespread congressional objection to the Government's tax bill. The staunch opposition to proposals makes it unlikely that it can pass without its main revenue-raising measures being heavily amended.
  • USDCOP has risen from 3600 to 3715 in roughly a week, with sell-side analysts bailing on bullish recommendations for the Peso, despite buoyant oil prices. Colombia's dollar bonds due 2051 have slumped by more than 5 cents since mid-April to 93.1 cents on the U.S. dollar, the lowest in seven weeks, and local peso bonds also sold off.
  • Further potential problems may arise as if the Government cannot raise enough revenue for the country to maintain its investment grade credit rating.
  • "We need to be very clear that if we don't rapidly build a consensus acceptable to everyone in this debate, we're going to have some difficulties," Carrasquilla told lawmakers Tuesday, as officials seek agreement on a new text to salvage the initiative.
  • * Colombian labour unions, workers and students are expected to march throughout the country to protest the tax bill today. This comes with particularly poor timing as the capital continues to adjust restrictions to battle the recent Covid surge.
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