Colombian Congress approves tax reform and Iván Duque says it is a growth law

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(CNN Spanish) - The House of Representatives of Colombia approved during the early hours of Friday the draft Law of Economic Growth.

With 98 votes in favor and 45 against the tax reform, previously approved by the Senate, it is sanctioned by President Iván Duque, whose reaction we add below:

"I think this is a Law of Growth," Duque said. “What we want here is for Colombia to grow, for Colombia to bring investment, for it to be more competitive and for that to allow us to have more resources for social investment. I want to thank the congress of the republic for that constructive spirit with which it approved this norm, a norm that keeps alive the elements that have brought growth, greater collection and that have also allowed greater investment ”.

#Barranquilla We thank Congress for the approval of the Growth Law. A rule that boosts the country's economy, which will provide more resources for social investment and that does not affect the middle class or vulnerable Colombians. This is growth with equity. pic.twitter.com/MYHqmNyVU9

- Iván Duque (@IvanDuque) December 20, 2019

With this project, the Government expects to raise the equivalent of about 3.8 billion dollars, which it assures, will improve the living conditions of the most vulnerable population and address the country's deficit. Detractors of the initiative argue that it will only bring more inequality and poverty.

Tax reform has also been one of the central claims of citizen protests that began in November.

tax reform