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Colombia proposes capital gains tax increase

Tuesday, September 9, 2014

Colombia's government is proposing to raise its tax on capital gains and extend a financial transactions tax, Finance Minister Mauricio Cardenas said.

Cardenas said the proposal to raise the tax to 2.25 percent from 1.5 percent would apply from January next year and require the approval of Congress.

"With these taxes, we will raise $6.43 billion which is what we need to complete financing for the budget that we'll present to the Congress," Cardenas said.

Source: Reuters