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Economy & Business - August 2021

COLOMBIA: Government presents revised tax reform bill

On 20 July – Colombia’s Independence Day – the Colombian government formally presented a revised version of its tax reform bill to congress, three months after the first iteration sparked widespread protests [EB-21-06]. The new proposal is slightly more modest in its aims, with the objective being to raise and additional Col$15.2trn (US$3.9bn) per year, rather than the original Col$23.4trn. In addition, the burden has also been shifted away from Colombia’s poorer and middle classes, with businesses and the private sector instead expected to take the brunt of the cost. The bill currently seems to have a high chance of being approved by congress, having been met with a generally positive response from congress and relatively muted protests in comparison to the first attempt at tax reform in April.

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