In the Headlines
December 4, 2024
Extraordinary Sessions Will Be Needed in Congress to Debate the Tax Reform
La República
Labor, Employment and Benefits attorney Camilo Cuervo was mentioned in an article published by La República about the current situation of the tax reform in Colombia. The article highlighted the difficulties the bill faces to be approved in the regular sessions of Congress, which conclude on December 16, and the possibility that extraordinary sessions may be required for its debate. Mr. Cuervo pointed out the logistical and temporal challenges faced by the government, emphasizing the importance of legislative deadlines in relation to the effective implementation of the reform.
"Tax reforms can only be applied for the following fiscal year; this means that if the tax reform is approved in 2025, it would only apply for 2026. The extra sessions could go until February 16, 2025, but in practice, the Government must ensure it's approved before December 31," he said.
READ: Extraordinary Sessions Will Be Needed in Congress to Debate the Tax Reform
"Tax reforms can only be applied for the following fiscal year; this means that if the tax reform is approved in 2025, it would only apply for 2026. The extra sessions could go until February 16, 2025, but in practice, the Government must ensure it's approved before December 31," he said.
READ: Extraordinary Sessions Will Be Needed in Congress to Debate the Tax Reform