tax reform

Colombia's 2027 budget is short COP 30.2 trillion, which would be covered if Congress passes a tax reform. The new president takes office on 7 August.

Latin America's most popular hubs, including Argentina, Brazil, Mexico, Peru, and Chile, are ending the era of rolling tourist stays by requiring formal residency. Colombia's incoming government has rejected a filed tax reform.

Colombia's Senate approved relocating the August 7 inauguration to Cauca with a 55 to 32 vote. Analysts suggest this marks the president-elect's first congressional win after losing the Senate presidency, indicating his ability to build majorities and the opposition's weakness. The article also addresses implications for foreign residents.

One year after President Bola Ahmed Tinubu signed tax reform laws, Nigeria is transitioning from an oil-dependent economy to one driven by sustainable domestic revenue. Tinubu is credited with providing the vision and political courage to pursue these reforms.

Colombia proposes a tax reform to shift the burden of energy sector debts from households to electricity-market firms. Energy minister Edwin Palma aims to address a 5.1 trillion peso liquidity shortfall faced by retailers as of March.

Colombia's outgoing government has a budget locked at 93.7%, leaving its successor with approximately 35 trillion pesos for adjustments. The situation highlights the urgency of a July 20 tax reform. Argentina's World Cup quarter-final is also noted as a concurrent event.

German Chancellor Friedrich Merz announced a coalition tax reform deal to cut taxes for low- and middle-income earners while increasing taxes on high earners, aiming to revive the economy and counter declining public approval. The agreement includes measures to boost competitiveness and address unfair trade practices, but faces challenges as the far-right AfD gains support.

The German coalition faces challenges in finalizing a tax reform, with the SPD pushing for middle-income tax cuts and the Union advocating subsidy reductions. A key meeting in the coalition committee is scheduled for next week, while a controversial infrastructure law aims to accelerate project approvals.

Pakistan's Finance Minister Muhammad Aurangzeb presented a budget aiming to balance relief, growth, and fiscal consolidation, but it faces challenges in revenue collection and tax reform. The government claims a shift from stabilization to growth, yet reliance on untested mechanisms for tax collection and unresolved structural issues like low tax-to-GDP ratios remain critical risks.

The government introduced a 'small trader scheme' offering a 1% voluntary turnover tax for retailers with annual sales up to Rs200 million, criticized as a political compromise that avoids documentation requirements like audits and digital invoicing. Critics argue it entrenches cash-based practices and widens the tax base distortion, as the corporate sector contributes disproportionately to tax revenues despite representing only 6% of GDP.

Bob Packwood, a Republican senator from Oregon known for advocating abortion rights, resigned in 1995 after an ethics investigation into sexual harassment allegations. He died at 93, with his legacy overshadowed by misconduct claims that emerged late in his career.

Ed Yardeni, founder of Yardeni Research Inc., accurately predicted the S&P 500's lowest point and warned that war risks remain unresolved. He discussed U.S. economic growth and tax reform during a 2017 Bloomberg Television interview.