All three agencies said publicly many months ago that they were looking for the tax reform to right the fiscal ship which has been listing badly ever since COVID struck - to put it bluntly, the authorities have failed to deliver - and it is on them.
Against the backdrop of the images we have seen, it appears almost churlish to discuss Colombia's investment grade credit rating, however its removal would have more effect on those protesting than most of them could imagine.
After the first COVID-19 tax holiday was condemned as irresponsible, the Colombian government is restricting electronics & appliance sales during the next two tax holidays taking place in July where shoppers will be exempt from the country's 19% VAT tax.
Colombia's "Day without Tax" may have undone in less than 24 hours the country's past three months of success in battling the Coronavirus COVID-19 Pandemic. Even if the government decides to lift curfews and restrictions, this may have been the dumbest possible way to do it.
The collapse in oil prices has led ACP, Colombia's petroleum industry association to call on the country's government to allow flexibility in the regulated pipeline transportation costs, that now make up almost half the cost of a barrel of oil, says the trade group.
Fitch Ratings released an analysis on Colombia’s tax reforms, stating they will likely signify revenue losses in 2020, underscoring the view that meeting this year’s fiscal deficit target will be challenging and reliant on extraordinary revenues, the ratings firm...