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Bogotá, 27/12/2019 Foto: archivo, Nicolás Galeano - Presidencia

Colombia’s President Signs Fiscal Stimulus Package Into Law

Posted On December 28, 2019
By : Loren Moss
Comment: Off
Tag: economic growth law, gdfp, Iván Duque, Ley 2010 del 27 de diciembre de 2019, ley de crecimiento economico, tax credit

Colombia’s President Ivan Duque yesterday signed the Law 2010 of December 27, 2019 called the “Ley de Crecimiento Económico” or “Economic Growth Law” after it was approved by Colombia’s congress. The administration hopes the law will spur foreign direct investment and grow the country’s gross domestic product (GDP).

The law includes a tax credit designed to offset value added tax to the poorest 20% of households, about 2.8 million homes. It also reduces from 12% to 4% the health contribution of the country’s lowest income pensioners and includes incentives for hiring young employees between 18 & 28 years of age.

The measure establishes 3 days of value added tax holiday on clothing, school supplies, and some technology. The law is modified significantly from a tax reform passed a year ago but ruled unconstitutional on procedural grounds, and does not include many of the controversial proposals that prompted massive protests last month.

Businesses will also receive tax discounts on some imported capital goods, and simplifies tax filing processes for small and micro-enterprises.

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About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
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