Tax Reform: the bill was filed for first debate

New articles are aimed at strengthening the proposal previously filed. It is expected that the Congress of the Republic will call for the first debate in the next few days.

The Minister of Finance, José Manuel Restrepo, informed that the Social Investment bill was submitted after six sessions of meetings and a special sub-commission, maintaining the initial essence of the bill presented on July 20.

Restrepo highlighted the joint work with the congressmen of most of the parties that make up the commissions and with whom new consensuses were reached to integrate improvements in several aspects.

“It is a bill of 56 articles that incorporates new issues in line with the central issues of the proposal previously filed: new revenues derived from the facilitation of the payment of national and territorial taxes. Also, facilitating the mobilization of assets previously seized from the mafia and which today are in the hands of the SAE”, he highlighted.

Likewise, he highlighted the strengthening of the Simple regime that will benefit at least 400 thousand micro and small entrepreneurs with a differential rate that also contributes to business formalization.

Economic reactivation was also strengthened, with the inclusion of measures such as new direct loans from Findeter to territorial entities and maintaining loans with compensated rates from this entity, Bancoldex and other financial entities of the State. Likewise, the Works for Taxes mechanism was improved to reach more vulnerable areas of the country and support will be provided to businessmen affected by blockades and closures during the months of the strike.

In the social area, the head of the portfolio highlighted the focus on women in programs such as the Solidarity Income for women heads of household and an incentive to generate female employment. Likewise, he highlighted the gradual increase of the Colombia Mayor subsidy for people in indigence or extreme poverty to reach an amount equivalent to the extreme poverty line, as long as there is budget availability.

The other modifications have to do with the extension of the three days without VAT including cash purchases, as well as the possibility that the PAEF may be extended until December 2022, subject to the performance of economic indicators, unemployment and budget availability. Likewise, the youth job creation incentive could be extended depending on its performance and availability of resources.

The DIAN and territorial entities will be given more powers to facilitate tax payment processes through termination by mutual agreement, discounts on interest and penalties for delinquent taxpayers, contentious-administrative conciliation and the principle of favorability in the collection stage. This set of measures will mean additional resources of $600 billion in the next year and a half.

Finally, it was determined that there must be a purpose to advance in gender equity in the Autonomous Committee of the Fiscal Rule.

“In this way, this initiative continues to be the most important social protection structure ever designed in the country, which together with other social programs designed by the national government, benefits 25 million Colombians, maintains permanent revenues that guarantee the reduction of the fiscal deficit and public debt, contributing to the sustainability of our country’s public finances,” concluded Restrepo.

In this way, the Congress of the Republic is expected to cite the first debate of the Social Investment project in the coming days.

Source: Ministry of Finance.

Source: Actualícese