Colombia Faces Downgrade Risk and ‘Tax Hell’ as Bill Falls Short
- Watered-down tax plan raises half the money government wanted
- Nation’s bonds are rated one notch above junk by S&P
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As an opposition senator, Ivan Duque slammed Colombia’s “tax hell” of endless tweaks to the inefficient tax code, instead of an ambitious reform to put public finances on a sound footing and boost productivity.
Now, as president, having lost his first battle with congress, he looks set to sign into law a tax bill similar to the ones he used to criticize, which raises enough to patch a hole in the budget for a year, while kicking other cans down the road.