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Colombian duque will cut tax revenues after violent protests


Colombian President Iván Duque called for a meeting on Sunday to remove the money he strongly criticized after five days of violent protests in a street where at least six people have been killed.

The frustrated president said his government would pass another law soon “is the fruit of a coalition”. He emphasized the need to focus on the Colombian economy and to help reimburse the lack of funding and the significant increase in the number of people contributing to the coronavirus epidemic.

“Restoration is not a necessity. This change is important, “he said in a video conference with about a dozen members of his cabinet.

Notable in the video is Finance Minister Alberto Carrasquilla, a financial analyst. This led people to think that they could resign or be fired. Some commentators and a few opposition politicians said the protests would continue until Carrasquilla resigned.

Duque confirmed that some of the original text had been removed, including a plan to increase taxes on labor and employment. He should also go back to the plan to increase VAT on fuel.

On the contrary, Leader he says the new concept will provide additional funding for companies.

Change is the most important law in Colombia this year. The income situation in the country depends on this.

Both Fitch and Standard & Poor’s rate Colombia BBB- have the wrong idea about repaying debt for a while. This is just one of many pitfalls that are worthless or worthless. Prices for Moody Colombia Baa2, two notches above.

If the change fails or melts away, there is a good chance Colombia will be downgraded – downgraded in a small group of Latin American countries making money that includes Mexico, Chile and Peru.

This can be detrimental to a country where, despite a long civil war and complete lawlessness, it prides itself on sound financial management. In stark contrast with many Latin American countries, Colombia has not changed its debt since the 1930’s and has had access to finance since 2011.

Protests against the change began Wednesday with a nationwide strike that attracted more people than expected. The protests continued from then on and became violent, especially in the third Colombian city of Cali, where shops were confiscated and burned by buses.

Human Rights Watch, an NGO from the United States, said it had confirmed that six people had died as a result of the protests, four of them in Cali. A police officer was killed in Soacha, a powerful town on the edge of Bogotá. NGOs say 20 people have died.

The government initially set out to change 1.4% of GDP, or $ 4.1bn, in tax evasion and tax cuts, among other things.

Despite his backsliding, the Duque’s right-wing Democratic Center party has less than 20% of seats in congress and has been able to fight to get the bill through congress.


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