The tax reform being prepared includes a bill to reform income tax. This is part of a project by the Ministry of Finance which includes 55 specific actions among which are changes in the area of ​​income, reducing government spending and control of state borrowing.

"The measures include changes in the area of ​​income, spending, borrowing and investment as well as technology and accountability."

"In the case of income, the plan will be to take it to 14% of GDP this year, representing an increase of 0.75 percentage points compared to 2013. Spending is expected to be cut by 0.20 percentage points of production in 2014. In order to achieve this, this year 2,500 vacant positions seats will be frozen, equivalent to a saving of ¢24,650 million ($45 million) and ¢23,700 million ($43 million) will be cut in areas such as travel, consulting, among other things."

Source: Nacion.com

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