Colombia’s Finance Minister announced potential delays in the 2025 budget spending, specifying that the amount will be defined soon. After a failed tax reform proposal, the government is now considering raising funds through tax amnesties without diminishing social expenditures.
Colombia is contemplating a delay in its 2025 budget spending, a decision communicated by Finance Minister Diego Guevara during a local radio interview on Friday. The specific amount for the potential delay will be determined in the upcoming weeks. Guevara stated, “We are evaluating delaying some additional areas, that’s true, with a more detailed revision and without affecting social spending but rather grounding some goals a bit.”
The government has been compelled to decrease its spending plans for 2025 due to a tax reform proposal that did not receive legislative support. Previously, there were discussions to propose an additional tax reform aimed at raising approximately 12 trillion pesos, around $2.9 billion. However, Minister Guevara indicated that the government might explore raising about 5 trillion pesos, approximately $1.2 billion, through tax amnesties intended to encourage compliance with tax obligations.
In summary, Colombia’s Finance Minister has revealed that the government is evaluating a delay in the 2025 budget spending, largely due to challenges in securing tax reform approval. Instead of proposing a new reform, the government is considering tax amnesties as a strategy to gather funds while ensuring that social spending is not adversely impacted.
Original Source: www.tradingview.com
