Colombia Tax Institute Proposes VAT Base Expansion to Curb $153T Tax Expenditure

Colombia's tax institute (ICDT) proposes broadening the VAT taxable base, citing an estimated $153 trillion in tax expenditure from income and VAT benefits, with ~$100 trillion from preferential treatments. The proposal signals potential fiscal consolidation, but its adoption and scope remain uncertain. If enacted, it could raise government revenue and affect consumer prices and business margins.

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