Tax Reform: its draft has been socialized

The Government seeks to collect some 15 trillion pesos from the expected revenue, which would be taxes on companies, austerity in spending, anti-evasion plan and sale of assets.

On July 20, 2021, the National Government will submit the tax reform bill to the Congress of the Republic. However, as published by Portafolio newspaper, today, Tuesday, July 13, the Ministry of Finance will socialize the initiative.

The presentation is scheduled for 3:00 pm. According to the Minister of Finance, José Manuel Restrepo, the bill will be filed with a message of urgency, and it is expected to be approved in August, since a broad socialization process has been carried out in the regions and with different stakeholders.

The bill will temporarily maintain some social assistance provided as a result of the impact of the pandemic on the income of thousands of Colombians, and will pass by law to leave other social initiatives as State policies.

Restrepo has said that the initiative will not touch the VAT, more people will not pay income tax and neither the middle or vulnerable classes will be affected.

With the sources of collection, which would be taxes on companies, austerity in spending, anti-evasion plan and sale of assets, the Executive seeks to collect at least $15 billion.

Source: Actualícese