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The President Iván Duque confirmed this Monday, in statements granted to the National Radio, that “at some point” during this term, his government will present to Congress, for discussion, a tax reform proposal.
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The president clarified that they are awaiting the result of the analysis, in fiscal and tax matters, of the Committee of Experts on Tax Benefits, to consolidate the project.
And although he did not go into details about its content, he explained that it will have two strong components: one social and the other fiscal; The purpose is that “the social components, with the endorsement of the Congress, We can have them this year, and the collection effects in 2022, to be able to recover our country this year, put it on a medium-term path, give confidence to the markets, maintain investment grade and leave the next administration with a resolved horizon in tax matters ”, he explained.
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It should be remembered that last year the President had insisted that his government would not process a reform, in full pandemic; In this regard, he stated that he was always clear in saying that for that reason no tax effects could be generated in 2020: “In 2021 – he stated – we should not have those tax effects either; Thus, The effects of any social and fiscal reform that is carried out should begin to take effect as of 2022, practically two years after the start of the pandemic, hoping that that year a great reactivation in the country”.
He added that his intention is not to leave the issue of reform to the next government, not only because it is necessary to have clarity on the fiscal horizon and stimulate investor confidence, but because postponing it implies that the effects will begin to take place from 2023, “but the big collection will be seen in 2024, and that is too late. We must leave the country resolved that fiscal situation, taking as a premise a great capacity to reach the most vulnerable population in 2021, with the programs that we already have established, but also strengthening them, “he said.
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Duque insisted, in his dialogue with National Radio, that social needs need to be quickly addressed, “we have launched the Paef, Ingreso Solidario, the VAT refund and with that we have been able to cushion much of the perverse effects of this pandemic. But we need to strengthen social programs so that they continue to have an impact in 2021 ”.
Regarding a potential expansion of the collection of VAT, Duque gave clues in the sense of eliminating the exemptions and guaranteeing that the poorest are not charged this tax: “And that is achieved,” he explained, “by paying it back to them; Many believed that this was not possible, but last year we managed to return VAT to one million people, and this year we are going to reach two million. Why does a person like you or me have to have a VAT exemption on panela? Let us have the equity in the tax system to return to the poorest and improve their income and overcome extreme poverty ”.
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