In Need of More Revenue

COLOMBIA - Report 16 Jul 2014 by Veronica Navas and Andrés Escobar Arango
Executive Summary The plan to phase out the financial transactions and net wealth taxes in 2015, combined with a projected fall in oil production, could force Colombia to seek financing alternatives. The loss of the two taxes will create a 2015 revenue gap equivalent to 1% of GDP, on course to rise to 1.4% of GDP by 2018. When we add the effects of a 2014 oil production shortfall, and consequently lower 2015 oil dividends, next year’s revenue gap will be about 1.5% of GDP. We expect the Santos administration to propose a tax reform to plug this gap. There’s been talk of taxing dividends and...

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