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Free AccessVAT Exemptions Seem Top Of Finance Minister's List
(BBG) -- Higher income earners stand more to benefit from the current exemptions to the value-added tax in Colombia, Finance Minister Alberto Carrasquilla wrote in an opinion column published in El Tiempo newspaper.
- On an annual basis, exemptions to the VAT lead to around 51 trillion pesos ($14.2 billion) in lost revenue
- Points to examples in developed countries where inequalities are addressed through higher social spending using taxpayer money
- Colombia "needs to insist on solving the injustice" that the current VAT system implies
- This comes ahead of the upcoming tax bill, likely to have important ramifications for the country's sovereign rating outlook.
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.