A Tax Reform Alone May Not Be Enough to Cover the 2025 Budget Shortfall

Tax attorney Juan Camilo Riveira was cited in a Portafolio article noting that introducing a new tax reform in 2025 could potentially harm Colombia's economy by discouraging business growth and investment. He highlighted the importance of understanding the specific sectors and changes involved before proceeding with such a project to avoid negative impacts on the legal security of taxpayers. Furthermore, Mr. Riveria emphasized the need to learn from past mistakes and manage state expenditures wisely, while also focusing on revitalizing the sectors that have been most affected in recent years.

"Attempting to implement a new tax reform in the 2025 fiscal year could be counterproductive, as it might discourage the country's economy, hinder business and investor growth in Colombia, and impact the legal security of taxpayers," he said. 

READ: A Tax Reform Alone May Not Be Enough to Cover the 2025 Budget Shortfall