Colombians are warned of “asphyxiation” with the new tax reform of the Petro Government

Luc Williams

Last week, during the Andesco Congress, the Minister of Finance, Ricardo Bonilla, revealed when a bill containing the second tax reform of the Government of President Gustavo Petro will be presented to the Congress of the Republic.

The head of the Treasury portfolio indicated that This project will be submitted on July 20, at the beginning of the second legislative period.

The former director of Dane was emphatic in saying that This is not the time to present this tax reform. He stressed that perhaps, when the Colombian economy manages to stabilize, it would be possible to talk about structural modifications to the tax system, so that it would be possible to open up more spaces in the collection of taxes from individuals that would allow for alleviating the tax burden.

“What is sought there is to grant tax benefits to San Andrés, which is currently at a standstill in its economic activity and to establish some modifications to the VAT refund for to be able to define some mechanisms that allow for more relief from the economic suffocation that the business sector is experiencing“Oviedo said.

In this regard, Oviedo said in Now we have to wait to see what text will accompany this bill. He insisted that if this is aimed at economic reactivation, it is welcome; but, if on the contrary it is aimed at increasing charges or drastically modifying the system, then now is not the time for it to be presented to the Congress of the Republic.

“It is not a good time for fiscal matters either. Among other things, because we know that we have to make a cut of almost 50 billion pesos, according to some estimates; 20 have been made, but 30 are missing. This means that we are in a scenario where it is necessary to reduce or shorten public spending and, above all, contribute to an effective reactivation of the economy that cannot be achieved with more uncertainty. I think that is not necessarily the way and it can also be very time consuming, because this will surely not be achieved by the end of this year,” said Restrepo.


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