On 16 October 2019, the Colombian Constitutional Court ruled that the tax reform law 2019 was unconstitutional. The tax reform law 2019 (law No. 1943), which came into force on 1 January 2019, is invalid due to procedural flaws in the approval process in the Congress. The decision of the Court allows the current law to remain in place until December 31, 2019 and then lapse at the beginning of 2020, to be replaced with the new law the government will now have to create.
The statement has gave decision to Ministry of Finance and Public Credit to create a Bill that includes all the benefits, mechanisms and norms contained in the Law approved by the Congress of the Republic, to present to Congress as soon as possible. And the Minister of Finance and Public Credit has also intended to present a replacement tax reform bill in Congress to resolve the constitutional issues.
