Colombia’s Minister of Finance, Mauricio Cárdenas, announced on February 24, 2015, that a committee of experts has been set up by the Government to study ways to improve the competitiveness of the country’s tax system and make it more equitable.
The nine-member committee will study existing tax benefits and will make recommendations for streamlining the tax system and cracking down on tax evasion and avoidance.
The committee will report the findings of its research to Congress quarterly. It may also organize workshops and invite international experts to share their experience.
The members of the committee include former Finance Minister Guillermo Perry and the former manager of the Banco de la República, Miguel Urrutia.
Cárdenas’s announcement comes after an Organisation for Economic Co-operation and Development (OECD) report which called on the Colombian Government to implement reforms to make the tax system more investment-friendly, more efficient, and fairer.
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IMC Group