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Weekly Report - 16 September 2021 (WR-21-37)

COLOMBIA: Duque hopes to draw line under tax saga

Colombia’s President Iván Duque promulgated the government’s revised tax reform bill on 14 September, hoping to turn the page on a divisive issue which saw weeks of anti-government protests that unleashed a wave of police brutality, forced the resignation of his finance minister, and saw his approval ratings plumb new depths. The new law will raise the tax burden on businesses rather than lower earners, as was proposed in its first iteration. The reform should provide some stability to public finances and stave off another credit downgrading, and was broadly accepted by Colombia’s principal political parties. Nonetheless, it is seen as a job half done by several centrist and leftist contenders for the May 2022 presidential election, who are urging increased taxation of the rich.

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