The Colombian government makes a presentation for the first debate of the Law on Financing

The Colombian government makes a presentation for the first debate of the Law on Financing



The Colombian government today placed in the Congress of the Republic the presentation for the first debate of the project of Law of Financing that looks for 7.5 trillions of pesos (about 2.292 million dollars) to impel the growth of the economy, informed an official source .

"The paper for the first debate of the Financing Law has been filed in the Congress of the Republic, which is a project that was worked with a lot of professionalism," Finance Minister Alberto Carrasquilla told reporters.

After several weeks of discussion this Wednesday, an agreement was reached between the Government and Congress to file the bill that would meet the social needs of the 2019 National Budget.

The minister explained that "the alternatives found protect the purchasing power of the most vulnerable population and maintain measures to increase equity, improve management and boost growth and productivity."

However, he warned that it will be necessary to "freeze expenses" and stressed that the Government is working to have the least possible social impact.

In this regard, the Colombian president, Iván Duque, commented on Twitter that the paper "does not extend the collection of VAT (Value Added Tax) to the family basket, will seek to protect the continuity of social programs, encourages the creation of more and better jobs and strengthens the Directorate of Taxes and Customs Nations to combat tax evasion ".

The Financing Law, which has motivated repeated protest marches throughout the country, initially aimed to cover a deficit of 14 billion pesos (about 4,371 million dollars) of the 2019 national budget.

However, in this new presentation, the proposal to extend the VAT to 80% of the products of the family basket was eliminated, so that, for now, it intends to obtain 7.5 trillion pesos.

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