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In order to collect the resources that it has been necessary to have through greater indebtedness to assume the costs derived from the higher expenses for the management of the pandemic, the Minister of Finance, Alberto Carrasquilla, confirmed that in the first quarter of 2021 a tax reform will be presented to Congress.
Speaking to BLU Radio, the head of the country’s public finance portfolio indicated that the The background of the situation is that due to the coronavirus the Government had a double effect on its accounts.
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On the one hand, there is the train with the lowest tax collection compared to what would have happened in a normal year and, on the other, the train with the highest expenses, to the extent that the crisis required decisions that would not have occurred in a normal year.
Then that double train led us to have to borrow in significant amounts and that increase in debt, which was necessary to do, because you have to pay it
“So that double train led us to have to borrow in significant amounts and that increase in debt, which was necessary to do, because it has to be paid,” said the official.
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And although said tax payment does not necessarily have to be immediate, Carrasquilla stressed that it is necessary to think about how to get the money to pay that debt.
Noting that he aspires to present the reform himself, Carrasquilla pointed out that between January and February the Mission of Experts is studying the incentives that should disappear, and that various permanent analyzes are already being carried out in the Government, while at the same time Discussions have begun with various members of Congress about the characteristics that the tax reform should have. “We are aware that we have to agree”, Carrasquilla indicated.
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ECONOMY AND BUSINESS – WEATHER
