Colombia Finalizing Draft Reform Bill to Increase Revenue

Colombia's Ministry of Finance and Public Credit is reportedly finalizing a draft reform bill that is primarily meant to increase revenue. Measures include:

• An extension of the scope of the standard 19% VAT rate, while providing a refund for lower-income individuals on certain goods ("family basket") and providing an exemption for education and medicines;
• An increase in taxation on individuals earnings COP 35 million or more; and
• A reduction of the tax benefits in force based on final advice…