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COLOMBIA: Bavaria asks for two years to pay war tax

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The president of the Colombian brewing group, Bavaria, has said the government should give cash-strapped companies two years to pay the country's recently imposed war tax.

The government imposed the 1.2% special tax on the net assets of companies and wealthy individuals in order to raise COP2 trillion to bolster its military campaign against outlawed groups.

"This figure seems to be a bit high," Bavaria's president Ricardo Obregon said. "For us, this tax represents about COP35 billion ($13.2m). Those that owe this tax don't necessarily have it in cash, and this would be an unwarranted pressure."

Obregon said he accepted the need for the tax but expressed his concern about its negative effects and those of the wider tax reform measures the government has in the pipeline. "Aggressive tax reform can bring about a recessionary effect on the economy," he said.


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