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LatinNews Regional Monitor: Andean Group - 02 November 2018

In brief: Colombia

* Colombia’s President Iván Duque has defended the fiscal reform proposal that his government has presented to the national congress for debate. The ‘Ley de Financiamiento’ bill seeks to increase Colombia’s tax revenues by adopting measures such as extending the Value Added Tax (VAT) to a wider range of products, including some of those included in the basic basket of goods. But this proposal is proving unpopular, with some quarters warning that it would hit the poor and make them worse off; while local agricultural producers have expressed concerns that it would also lead to lower consumption of some foodstuffs which would affect them and reduce food security in the country. However, President Duque has said that a tax reform is necessary to continue financing Colombia’s development and that his government will offset any potential negative effects by offering a VAT rebate for low-income families and by increasing social spending.

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