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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