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Far from preserving the original spirit of the financing bill, the presentation of the Iván Duque government tax reform, which took place yesterday in Congress, keeps intact only three of its proposals to bring together the 14 billion missing from the 2019 budget: gradually reduce the rental rate of legal persons up to 30% from 2022, the reduction of VAT on the acquisition of 100% equipment goods and that of tax normalization.
Initial articles, which were expected to pay up to $ 19.4 trillion in 2019, have moved to a more modest figure of $ 7.5 trillion, which is to say that, Next year, social spending will be reduced. "We will not give up fundamental guiding principles, such as strict compliance with the tax rule," said Finance Minister Alberto Carrasquilla.
Far from preserving the original spirit of the financing bill, the presentation of the Iván Duque government tax reform, which took place yesterday in Congress, keeps intact only three of its proposals to bring together the 14 billion missing from the 2019 budget: gradually reduce the rental rate of legal persons up to 30% from 2022, the reduction of VAT on the acquisition of 100% equipment goods and that of tax normalization.
Initial articles, which were expected to pay up to $ 19.4 trillion in 2019, have moved to a more modest figure of $ 7.5 trillion, which is to say that, Next year, social spending will be reduced. "We will not give up fundamental guiding principles, such as strict compliance with the tax rule," said Finance Minister Alberto Carrasquilla.
Regarding the controversial VAT, this tax was extended to 80% of the products of the family basket with return mechanism, pillar of the initial project generating resources of $ 11.3 billion less the $ 2.3 billion lost with the people of lower deciles, to propose to tax only non-alcoholic beverages and beers. The government expects this latest tribute will generate $ 960,000 million.
With respect to personal income, the original government proposal provided for the imposition of five differential rates, of which 37% were for individuals earning approximately $ 33 million. However, the established document provides for an additional 39% for people who pocket up to $ 100 million per month, in addition to unification of identity cards. For this proposal, it is expected to generate $ 1.9 billion.
In addition, the property tax, which rose from $ 3,000 million to reach, was to reach $ 5,000 million (collection of $ 1.2 billion). Similarly, as noted above, the dividends of those earning $ 20.2 million will be taxed (compared to $ 10.2 million previously) and rates will rise from 0% to 15%.
For its part, the financing bill continues to seek to reduce the tax burden on businesses. In addition to the progressive reduction in the rental rate of legal persons to 32% in 2020; 31% in 2021; and 30% from 2022 and deductions from the report, the gradual decrease in presumptive income was preserved, but some changes were made from 3%, 1.5% and 0% to 2.5%, 1, 5% and 0%.
As long as the ICA discount is maintained, either the Financial Movements Tax (GMF) or 4 × 1,000 is eliminated. In addition, a new tax on profit remittance of 7.5% is included, with a collection of 369 000 million dollars is expected.
Regarding the original text, no proposal is envisaged, such as the realization of a plan to alienate the non-strategic badets of the state with which they hoped to raise 2, $ 3 billion; nor the reduction in the size of the executive ($ 1.2 billion); nor the best prospects for oil prices that added $ 1.1 trillion.
The document also does not include the $ 4.8 million pension tax that had been established in the original text of the Financing Act. In addition, this surtax was also reduced by 5% of the revenue of financial sector entities that had been lifted at the last moment.
However, the presentation of the first debate continues to maintain some initial proposals such as the creation of the single unified tax and the idea of promoting the so-called orange economy by exempting small and medium-sized enterprises (SMEs) and businesses. 39; agriculture.
Now the government has more than a month to convince Congress that it is the right proposal to fill at least half of the gap in the 2019 budget. Some proposals, such as VAT on soft drinks, will be controversial.
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