Gustavo Petro's tax reform has not yet been reconciled in the Congress of the Republic

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The economic initiative, after the debates in the Senate of the Republic and the House of Representatives, would have a collection goal of less than 20 billion pesos

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Gustavo Petro's tax reform has not yet been reconciled in the Congress of the Republic. public

Gustavo Petro's tax reform will touch the pockets of all Colombians. REUTERS/Luisa González

The first session of conciliation between delegates of the Senate of the Republic and the House of Representatives took place this Tuesday for four hours. on the texts of the draft tax reform of the Government of Gustavo Petro.

SenatorGustavo Bolívar b>He explained that there are still two issues to be resolved and that is why another session will be held this Wednesday. It should be noted that this conciliation seeks to adjust the articles approved in the plenary sessions of the Congress of the Republic to later be approved in plenary sessions and then go on to the expected presidential sanction.

Bolívar stated that the reduction of the rental rate from 35% to 30% for companies with revenues of less than 155,816,400 pesos (4,100 units of tax value – UVT) as well as the business tax of the churches outside the cult.

Despite the fact that most of the text is approved, there are still differences on these two points and that is why the designated congressmen, among them Clara López, Juan Diego Echavarria, Álvaro Monedero, Jorge Bastidas, Bolívar and Katherine Miranda, must reconcile what they think is best for this economic moment in Colombia.

In this sense, there are two issues that attract the most attention and that have to be reconciled between senators and representatives.

Other taxes under review

Other taxes that are under review are those on hydrocarbons and on sugar-sweetened beverages and ultra-processed foods.

Regarding the First, there are several paragraphs that should be reviewed, especially the point related to micro, small and medium-sized enterprises (Mypimes), since it was requested to reduce the income tax for these, which does not have the endorsement of the Government, despite the fact that it was approved in the House of Representatives. Thus, this would be declared unconstitutional.

Faced with the second, the House of Representatives proposed that it begin charging from November 2023, but the Senate approved that the collection begin in September of 2023.

Key tool

Prior to the start of the conciliation, the Minister of Finance, José Antonio Ocampo,made it clear that this is a necessity for the Colombian State, since it will allow the collection of resources for social programs, among other projects that are within the government plan:

“The tax reform is a key tool to obtain more resources for social programs. We will work as a team with our employers for peace, equality and social justice. Healthy finances in a responsible reform for change”, the official stressed.

In fact, last week, at the end of the extensive debate in the House of Representatives, thus ending the conversation in the Congress, the head of the economic portfolio thanked all the corporations for approving what he called ahistoric law, which seeks to reduce a social debt, what a help to eradicate hunger, reduce poverty and inequality; adding that this was one of the fundamental promises of the president Gustavo Petro.

Despite the fact that the Government had to reduce by 5 billion pesos the intentions to collect, the fundamental pillars such as taxes on the hydrocarbon sector, healthy taxes, among many other regulations that will be finalized this week, for the minister it has been a great job accomplished.

In fact, he highlighted the work that made in the socialization of the reform, in the dialogues that took place with the various sectors of the economy to reach a favorable point, and logically resolve the concerns of various interlocutors, which, according to him, cost him more than 400 hours.

“Tax reform: the most liberal in history. I dedicated more than 400 hours to address concerns and resolve doubts from multiple interlocutors. We incorporate the best ideas from the business sector to achieve an initiative with the greatest possible consensus on healthy finances,” Ocampo pointed out.