Colombia’s Ministry of Finance introduced its tax reform proposals on August 8, initially aiming to collect COL 25trn (USD 6n) annually. President Gustavo Petro's aim was to use these funds to fight poverty among the population by investing in social programs and other types of investments. However, Congress amended the legislation during a first vote two weeks ago, and the plan could now yield COL 21.5trn in 2023; COL 22.7trn in 2024; COL 23.1trn in 2025, and COL 24.4trn in 2026.
Managing Director Alfonso A-Pallete shares his opinion with Inframation News on these proposals, suggesting that a combination of several dispositions in the proposed tax reform will "impact infrastructure projects, concessions, and public-private partnerships." Still, he observes that Congress is in the process of negotiating the draft proposal, and some topics may change before the vote on the final bill.
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