On 2 May 2021, Colombian President Ivan Duque has announced that he would withdraw the proposed tax reform which was submitted to Congress on 15 April 2021. This decision came at such a time when multiple deaths occurred around the country since deadly protests and widespread lawmaker opposition began on 28 April 2021.
President said, “I am asking Congress to withdraw the law proposed by the finance ministry and urgently process a new law that is the fruit of consensus, in order to avoid financial uncertainty.”
Tax Reform Bill (Sustainable Solidarity Act) made several changes in Corporate Income Tax (CIT), Value Added Tax (VAT), and Personal Income Tax.
President hopes that the new Tax Reform Bill would need the consensus of citizens and Congress to be approved urgently.
