LatinNews Daily - 18 November 2022

In brief: Colombia’s tax reform bill clears final hurdle

*Colombia’s two chambers of congress have completed the harmonisation process for President Gustavo Petro’s flagship tax reform bill. This was necessary before the bill could pass to Petro for promulgation given that the version approved by the lower chamber on 3 November differed from the one which cleared the senate on 2 November. The senate approved the modified bill with 61 votes in favour and 20 against, while the lower chamber passed it with 122 votes to 27. Although the broad strokes of the bill are in line with the government’s original reform proposal, it now looks set to rake in an additional Col$20trn (US$3.99bn) for the treasury each year, rather than the Col$25trn that Petro had initially sought to raise with the reform. On 16 November, international credit ratings agency Fitch said that the tax reform did not affect its near-term fiscal forecasts for Colombia, given that the additional revenues generated by the reform would be used to fund higher social spending in line with the policies of President Petro.

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