Duque to Push for Income Tax Exemption for New Entrepreneurs in Colombia’s Creative ‘Orange Economy’
Colombian president Iván Duque is pushing to pass a five-year income tax exemption for new entrepreneurs in the nation’s so-called “orange economy” creative sector. The head of state didn’t specify a date but said he would present a proposal to Congress soon.
While the full details are yet to emerge, the plan is to offer the exemption to companies that will generate a set minimum number of jobs.
Combined with “orange” lines of credit of up to $125,000 USD (400 million pesos) being made available through national development bank Bancóldex, the government is working on multiple initiatives to help kickstart greater growth in key digital areas that it has set as target areas to contribute more to the economy.
The orange economy generally includes a wide range of creative fields that center on intellectual property, digital development, design, research, and the arts.
According to government figures, the orange economy currently accounts for some 800,000 jobs in Colombia and 3.4% of the nation’s overall gross domestic product (GDP).
“We are looking for entrepreneurship to become an important source of investment for our economy,” said José Manuel Restrepo, Colombian minister of commerce, industry, and tourism.