Colombia Finance Minister Restrepo Delivers Tax Bill to Congress

July 20, 2021, 4:45 PM

Finance Minister Jose Manuel Restrepo delivered the government’s tax bill to Congress, according to a statement sent via text message.

  • The bill, which seeks to raise 15.2 trillion pesos and benefit 7.8 million households, vows to extend social programs, increase austerity in public spending, combat tax evasion, promote a “solidarity contribution” from companies
  • Bill doesn’t affect individuals or require a change to the VAT
    • Legislation includes subsidies for some workers
    • Govt plans via bill to save 1.9 trillion pesos between 2022 and 2032 on average
    • Plan to combat tax evasion should raise 2.7 trillion pesos annually
    • ICA discount on income ...

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