President of the Republic promulgates Financing Law but former Vice President announces lawsuits in the Constitutional Court
4 enero 2019

On December 2, the promulgation of the Financing Law by the President of the Republic Ivan Duque was published. The text does not contain modifications of the bill approved by the floors of both chambers last December. The former Vice President of the Republic, Germán Vargas Lleras, has declared that he will file a suit against the law for it not being properly debated in Congress. According to Vargas, the draft bill publication process was omitted, with the House of Representatives voting on the version of the bill that had been approved by the Senate without the senators’ modifications being published. The law is expected to be reviewed by the Constitutional Court in the coming months, to verify the validity of its legislative process.


In addition, representatives of the financial industry declared they were against the transitional income tax surcharge for the financial sector, of 4% in 2019 and 3% in 2020 and 2021, that is included in the law. In this vein, the president of the Banking and Financial Institutions Association of Colombia (Asobancaria), Santiago Castro, announced that he will file a lawsuit against this article with backing with his counterpart of the Federation of Colombian Insurers (Fasecolda), Jorge Humberto Botero.


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