The Special Committee that discusses the fiscal reform resumed its activities Monday, July 17th. The bill was introduced in November 2017 by the Executive. The deputies and the government itself introduced more than a thousand modification proposals to the initiative, which were declared admissible by the president of the National Assembly (Carolina Herrera). The ruling party and the opposition will negotiate a new bill. The discussion of the proposed amendments would end next Monday, July 24th.

The only change with an impact on the financial sector was the decision of the deputies to eliminate the tax exemption for services linked to the stock market, proposed by Leg. José María Villalta Flores (Frente Amplio – ruling party ally). On the other hand, they rejected the substitute bill introduced by government. This does not imply that the rest of the documents will be discarded altogether. The usual procedure will be followed and each amendment will be discussed individually.

So far, legislators have analyzed 854 of the 1008 modification proposals introduced and have not made any significant changes to the content of the regulations. They are expected to finish reviewing all the amendments Monday, July 24th.