The IFR Colombia Capital Markets Roundtable took place on August 5, just as the country’s Congress was considering a tax reform bill expected to bring in Ps15trn (US$4bn) a year into the government’s coffers. The new law, however, was a watered-down version of earlier plans that would have brought in 50% more in tax receipts. Initial plans were met with violent street protests and the resignation of the economy minister. The updated bill targets companies, rather than the consumer, households and individuals that had, at first, been set to bear the burden.
The government needs to raise the money to support an economy and a population that has been badly hit by the effects of Covid-19. The panel convened to discuss a broad range of issues, from the impact of Covid on the country and their operations, to the health of the capital markets, the importance of ESG and infrastructure, and what needs to happen to help Colombia’s economy return to its position of being one of the best performers in the region.
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