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Colombian markets fall on tax reform bill

Monday, October 24, 2016

Colombian financial markets fell on Thursday, a day after the government sent a tax reform bill to Congress that left out key proposals anticipated by investors.

The reform, seen as key to maintaining the country’s BBB investment-grade credit rating and making up for lost oil income, would raise value added tax to 19 percent, widen the tax base and lower taxes on companies, but does not include an expected cut to taxes on foreign investor earnings.

Source: Colombia Reports