Colombian lawmakers approve controversial tax reform

December 20, 2012 05:50

Colombia's Congress gave the green light on Wednesday to a controversial bill that aims to streamline the country's complicated tax system but at the cost of reducing government tax receipts going forward.

Adjustments to President Juan Manuel Santos' tax proposal were seen as a bitter pill for his administration, which had wanted a reform that was revenue neutral for Latin America's fourth-largest economy.

To get the tax reforms passed, Santos' government was forced to call extra sessions of Congress and the president interrupted regular television programming twice in the last month to explain the reform to Colombians.

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