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Colombia insists that tax reform will mean more jobs

Thursday, October 4, 2012

Colombia unveiled a tax reform bill aimed at creating jobs, closing loopholes and simplifying the tax system, but not increasing the tax take as the Andean country was on track for record collections this year.

Colombia's battle against corruption and evasion helped boost tax revenue 25 percent last year, to about 86.3 trillion pesos ($48 billion), and Colombia's tax office will likely collect a record 103 trillion pesos this year.

"By reducing payroll taxes we'd encourage companies to hire more workers ... to bring 1 million Colombians from under-employment to (formal) employment," within two years, said Mauricio Cárdenas, the finance minister.

Source: Reuters