Colombian finance minister, Juan Carlos Echeverry, has announced a package of tax reform measures which are being presented to congress, which includes scrapping the 30% fixed assets investments special deduction.
The measures have been presented to Congress with a view to reducing the government deficit and abating the upward pressure on the Colombian peso; they should become effective in 2011.
The special 30% capital allowance on purchase of fixed assets had already been reduced in 2009 from 40% by law 1370 and the finance minister said he expected that the measure would increase government revenue by an estimated equivalent of 0.8% of GDP.
Other changes envisaged include measures to halt evasion of the financial transactions tax and the scrapping of a 20% energy surtax in 2012. The planned consolidated government deficit for 2011 is expected to be 3.4% of GDP.
.Tags: tax | law | investment | banking | corporation tax | Colombia | tax reform
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