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The bill imposes new income taxes on Colombians earning more than $2,000 per month, plus petroleum & mining exports.

The “line in the sand” fiscal rule has now gone but due to the measures taken there is the hope that the deficit will drop from the anticipated 8.6% in 2021 to 2.7% in 2026.

Reportedly 100 new ideas have been added to Colombia's second attempt at tax reform this year, and four original provisions have already been axed.

Colombia's "Comité Nacional de Paro," a coalition of labor unions and syndicalist groups has called for national strikes in Colombia for the 2nd time this year, after the government released a revised fiscal package.

Another aspect is the normalization tax complementary to income tax. This 17% tax would be reincorporated with the purpose of normalizing omitted assets or nonexistent liabilities, and would be in force for the year 2022. During 2021 an advance payment of 50% must be made.

City council member Daniel Carvalho has said enough is enough, and that the mayor’s mismanagement is putting Colombia’s second largest enterprise and Medellín’s single largest municipal revenue source at grave risk.

S&P says it may downgrade these companies in case of a similar rating action on Colombia. The firm could lower the sovereign ratings if the potential long-term damage caused by the pandemic, other domestic developments, or new external shocks, prevent the Colombian economy from...

The move further weakens Colombia’s precarious financial position brought on by the COVID-19 pandemic, causing an almost 7% contraction in the country’s economy. Fitch may likely downgrade Colombia as well, as the country already sits at the firm’s lowest investment grade before...

The big question is what Fitch (BBB-) & Moody's (Baa2) chose to now do. Will they wait to see what is contained within 'Tax Reform II' when it is resubmitted? The issue is that there is little clarity on when that will be. Congress will shut down for the holidays in just over a...

Colombian President Ivan Duque's withdrawal of his controversial tax hikes were not enough to stop nationwide protests in Colombia. The reason the protests continue vary, with much legitimate discontent and dissatisfaction, but provocateurs and common criminality must also be...