On August 7th, President-elect Iván Duque (Centro Democrático) took office alongisde his vicepresident, Marta Lucia Ramirez for four years. They were were chosen after obtaining 54% of the votes in the second round of the presidential elections on June 17th.

In his inaugural speech, President Duque assured that he will meet “the goal of increasing tax collection while lowering taxes for job generators and improving workers’ incomes”. However, beyond this announcement he gave no further indication as to how these measures will be implemented. Nor did he introduce the tax reform bill to Congress, although the bill is expected to be ready in September.

During his speech, Duque also announced that he plans to diversify production and boost the Orange economy (the cultural industry), one of his campaign promises. “We will undertake an economic reactivation program that will allow us, with fiscal responsibility, to have a tax system and investment-oriented productive development” he said. “We will work for Colombia to become a country with “the best conditions” in the region to encourage entrepreneurship with creative industries, tourism and agro-industry” as axes of economic growth.