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Colombia aims to present tax package to create jobs

Wednesday, October 3, 2012

Colombian Finance Minister Mauricio Cardenas will present a tax reform this week to Congress that seeks to cut the highest unemployment rate among major Latin American economies by reducing the cost to employers of hiring.

The proposed legislation aims to increase formal employment by reducing charges that employers must pay to fund government agencies including Colombia’s child protection agency, and replacing the lost revenue with taxes on profits, Cardenas said.

Mining and energy companies won’t have to pay more royalties on production under the reform, Juan Ricardo Ortega, Director of Colombia’s tax agency told reporters in Bogota.

Source: Reuters