Colombia’s Congress waters down tax bill

A bill to water down and almost halve the revenue target, was approved by Colombia's Congress in a decision that is expected to force the government to freeze spending.

After weeks of discussion in congressional committees, the lower house and Senate agreed that the revenue goal to fund next year’s budget will be $2.4 billion.

Measures passed included increased income tax on high earners, a reduction in business taxes and a crackdown on tax evasion.