President Duque enacts tax reform
16 septiembre 2021

COLOMBIA

On September 14, the President of Colombia, Iván Duque, enacted the tax reform, known as the Social Investment Law. The first text of the bill was presented last July 20 and was treated during the last weeks by both chambers of Congress with a message of urgency. After the debate in commissions and in the chambers, it achieved a high level of approval by the different political parties. The reform received the presidential signature and in the next few days the text will be published in the Official Gazette. 

The initiative, which was approved by the chambers of Congress on September 9, seeks to raise $15.2 trillion (US $4 billion) through permanent sources of funds, such as the increase of the corporate income tax rate to 35%, the fight against tax evasion and austerity in public spending. These funds will guarantee the attention of different social programs, among them, the continuity of the Solidarity Income until December 2022.

“This law marks several milestones, not only in social matters, but also in how it was processed: with a broad consensus, with workshops in which we listened to all types of social actors in various regions of the country, in discussions for more than a month with the Congress of the Republic to finally reach this moment, in which the measures will begin to be regulated to ensure their implementation,” said the Minister of Finance, José Manuel Restrepo.

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