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"At the Congress of the Republic was tabled today the presentation of the first debate on the financing law, project developed with great professionalism.I must begin by recognizing the quality of the work and the depth with which the ideas that the Government had to debate this series of initiatives were discussed and the project went very well, in my opinion, "said Carrasquilla, who also pointed out that the rule of taxation is respected.
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According to the manager, the project has three components: the entrepreneurial spirit, economic reactivation and the need to restore the country's long-term growth. He also stated that the project tackled several obstacles and cost overruns, as well as aspects related to equity and legality, in which he aimed to strengthen the fight against corruption. Tax evasion.
"We have a reform whose report for the first debate contains an increase in revenues for the first year and that we estimate at 7.5 trillion pesos.These resources are fundamental to start filling a very large financial gap from the point of view that has forced us to rethink many ongoing programs, "said the minister.
The economic portfolio manager acknowledged that a research process was going to be launched in several sectors, in which an austerity plan would be launched in the state, in order to get the 6,500 or so billion pesos needed to complete the process. Deficit of 14 billion presented by the national government.
"The financing law involved 14 billion pesos.With the document, we divided them in two: $ 7.5 billion project and $ 6.5 billion resulting from a strengthening of the plan. austerity that we have already started, "he said. Carrasquilla, who, after the modification of the initial project of the government, stressed that he "did not think to resign".
This is how the paper was
After several weeks of meetings between the speakers and the national government, the presentation of the tax reform proposal, which would yield only 7.5 trillion pesos, out of the 14 trillion credits originally expected to cover the budget deficit. 2019.
The project profoundly modified the proposal presented by the government of Iván Duque on October 31, including the elimination of the extension of the value added tax (VAT) to 80% of the family basket .
The financing project would reach $ 1.9 trillion through personal income tax. In this case, people with a gross income of more than 36,140,040 pesos a year, or 3,011,670 pesos a month, would be obliged to declare a rent, which does not necessarily imply a payment. (calculations with UVT in progress).
It is also planned to raise 1,200 billion pesos through a wealth tax in excess of 5 billion pesos, which will have a tax rate of 1.5%.
"The tax on the equity is generated by the possession of this one on the first of January of 2019, whose value is equal to or greater than 5 000 million pesos.For the effects of this tax, the notion of 'equity equals net equity, calculated on the basis of the total gross equity of the individual taxpayer held on the same date, less the taxpayer's debts in effect on that date,' the document states.
In addition, a tax of 2% is levied on the consumption of housing whose value is greater than 880 million pesos, with which it should generate 1.1 billion pesos, the person in charge of the tax being the seller of the house.
Another aspect of the presentation is the tax on dividends above 9.9 million pesos, which would have a rate of 15%, which would raise 821 million pesos.
The project also provides for a multi-phase tax on beer with a collection of 960 billion pesos. In addition, through the standardization of the Directorate of Taxation and Customs (Dian), would add about 1 billion pesos of collection.
However, one of the proposals eliminated at the last minute of the final report was to impose a 5% tax on the financial sector, as the latter did not have the support of the national government.
The proposal also maintains tax benefits for investments for ten years in the field and five years in the orange economy sector.
Senator and project rapporteur, Richard Aguilar, explained that, despite the hard work to find alternatives to obtain the missing resources, several proposals did not result in a consensus. The project will therefore only cover about half. expected resources.
"It was a very expensive process and the project started with the left foot when they proposed the extension of the VAT, because it took a long time to eliminate this proposal, but we must emphasize here the work of all parties and members of Congress presentation that will not affect the middle clbad and the least favored, "said the senator.
In this way, the national government must make a budget adjustment and freeze of about 6.5 billion pesos for 2019, which can no longer be achieved with the financing law.
For its part, the opposition group of the Green Alliance party has presented a negative report to the project, arguing that this is not what the country needs.
"Never before Congress, in a joint work and beyond the parties, had so actively participated in the construction of a law of this type.The speakers really contribute to the construction of the law of financing, because as a party, we do not want to leave the country without the resources it needs to function, but we do not accept that the discussion is done in an improvised, loose and often in camera manner " said Juan Luis Castro Castro of the Green Alliance.
For her part, the representative Katherine Miranda said that "the tax reform has no future and that the President of the Republic, Iván Duque, must withdraw." As a speaker of the Party of the 39 Green Alliance, I will make a negative report and ask for your file. "
Alternative presentation
In the midst of the stormy discussions generated by the project, members of the Decency List Congress, Aída Avella, Gustavo Bolívar and David Racero, also presented an alternative document with which they intend to reduce the budget deficit and finance the Commission's budgets. countries in the future without generating trade privileges or larger inequalities.
The initiative includes more than ten proposals that contribute to raising tax revenue by some $ 24.5 trillion through the review of tax benefits, which would generate P8.5 trillion. Similarly, it is envisaged that private mining and oil companies will not deduct tax royalties, among others.
"The alternative paper to the law of financing plans to collect more than 24 billion pesos, of which 8 000 billion pesos that can be obtained by removing the tax exemptions, 4 000 billion the tax on the great heritage and 5 000 billion corresponding to the financial surplus of Ecopetrol. "Most likely, Uribismo will sink this initiative, but we want to show Duque that resources can be sought without affecting the middle clbad," said Bolívar.
Another of the proposals is a tax on the great wealth, with which they would touch 4 000 billion pesos, a tax on the remittances of companies (2 900 billion), a tax on big inheritances (1 400 billion), the Dian reinforcement. ($ 2 billion), personal income tax ($ 1 billion).
The document also establishes, although without calculation of the collection, a tax on dividends, customs duties on imports with carbon footprint, a tax on sweetened beverages, a presumptive income tax, a revision of the free zones and the imposition of a tax on non-productive latifundia.
For this Thursday, the first debate on the financing law in the Congress of the Republic is announced. Minister Carrasquilla will participate by trying to defend a reform that still does not have a very clear atmosphere and where the support of different groups is not defined.
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