Columbia To Enact Long Awaited Tax Reforms
Reuters reported on Tuesday that Columbia's long-awaited tax reform package
has received the approval of both House and Senate committees, a crucial legislative
hurdle. According to the news service, the bill, which will play a key part in securing
an IMF standy loan and trimming the country's burgeoning budget deficit, has
now been sent to both chambers of Congress, where it is expected that full floor
votes will take place before the Christmas recess. Containing measures including increases in VAT and income tax, and hikes in
the rates levied on gasoline and cellular telephone services, the bill is expected
to raise $800 million next year, if approved. President Alvaro Uribe, who took office earlier this year is also planning
to slash government spending in order to secure the two-year $2 billion loan
from the International Monetary Fund. .
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