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Income tax for MSMEs must be progressive

Income tax for MSMEs must be progressive

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On August 11, 2021, commentator Carlos Grosso stated on the “radionacionl.co” website that the income tax for MSMEs should not be increased.

1. Income tax for MSMEs

It was noted that Acopi Bogotá requested the Government that the income tax for MSMEs should be progressive and differential. The ACOPI (Asociación Colombiana de las Micro, Pequeñas y Medianas Empresas – Colombian Association of Micro, Small and Medium Enterprises) made a series of requests to consider when making decisions on the approval of the social investment project presented by the National Government before the Congress of the Republic.

2. Principle of progressivity

Acopi proposes to set a differential rate for income tax payable by national companies, and emphatically rejects the National Government’s proposal to increase the tax rate from 33% to 35% across the board, in the application of the constitutional principle of progressivity.

3. Proposal for a tax exemption for large importers

Acopi Bogotá-Cundinamarca proposes the elimination of tax exemptions for large importers of goods and services to provide more resources for the national budget.

4. Request for extension of VAT tax-free days

Regarding the VAT-free days, Acopi asks that this strategy be further extended without exception, also receiving all productive sectors, and especially MSMEs, the benefits.

Finally, Acopi I Bogotá-Cundinamarca reaffirms its commitment to continue working in defense of national production and incentives those responsible ones for economic and tax policy decisions to attend to the reasoned requests to improve the working conditions of companies generating the most employment in the country.

Source: Radio Nacional de Colombia 12/08/21

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