The Government Intends To Change VAT And Raise The Tax Rate To 15%.

Since 2015, the Colombian government intends to change the existing sales tax (IGV) to IVA, and gradually raise the tax rate from 13% to 15% in the next two years. The specific practice is to collect 14% from 2016 and 15% from 2017.

Submitted to the Legislative Council for examination and approval.

It is reported that the proposed increase is recently.

During his inspection, he put forward an important part of the tax reform plan.

In addition, the plan also includes the following contents: 1. Tax field: adjusting the national budget expenditure including expenditure and pension, and levying it separately.

Instead, we should levy and abolish part of the tax exemption policy in an all-round way; 2, monetary area: abolish floating exchange rate system and strive to achieve inflation target; 3, financial field: strengthen financial supervision; 4, structure field: increase the participation of private sector in energy field, improve the existing electricity price, raise Gao Xueqian education investment, and promote the development of capital market.

It is reported that the above reform plan aims to reduce the proportion of the fiscal deficit to GDP in the next four years to 3.75%.

At present, the Fund believes that the deficit is the main economic problem facing the elder brother. It is suggested that the government should make efforts to readjust it according to the 37 open source mode.

At the same time, the organization said that since the two years ago to visit the Colombian government to give relevant reform proposals, the country's fiscal and tax status has not improved significantly.

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Following the announcement of a substantive conclusion of the Sino Australian free trade negotiation agreement between China and Australia, the two sides signed yesterday's letter of intent for free trade agreement.

According to BBC news, Canberra said that after several rounds of negotiations, the China Australia Free Trade Agreement will eventually become the fruit of Australia's total opening of about tens of billions of dollars in the Chinese market.

In 2013, the total trade between China and Australia amounted to 150 billion Australian dollars (about 130 billion US dollars). The Australian government believes that the implementation of the FTA will add another 20 billion Australian dollars (about US $17 billion 500 million) to bilateral trade volume between the two countries.

Over the past twenty years, the trade between China and Australia has grown steadily. At present, China has become Australia's largest bilateral trading partner.

According to the data released by the Ministry of Commerce, China has remained Australia's largest trading partner, the largest export destination and the largest source of imports as of September this year.

BBC report specifically mentioned that 85% of the export of Australian products to China will not be subject to tariffs, including raw leather and leather products.

After the agreement is fully implemented, the duty free products will increase to more than 95%.

Australia Broadcasting Corporation website reported that Australian farmers and leather industry exporters welcomed the signing of the Sino Australian FTA agreement, which meant that products such as Australian beef and raw skins could achieve tariff free entry to the huge Chinese market in the next few years.

According to China Leather net reporter, at present, the average annual export value of raw leather and finished leather exported from Australia's leather industry is about 896 million US dollars, and the tariff rate of raw and finished leather exported from Australia to China is between 4% and 15%.

Australia Broadcasting Corporation reports that these tariff rates will be reduced to zero in the next 2 to 7 years.

After the formal implementation of the Sino Australian free trade agreement, by 2030, the total benefits of free trade agreements or the leather industry in Australia could reach US $6 billion.

From the Sino Australian trade data recently released by the Ministry of Commerce, the reporters found that in the first 3 quarters of this year, the total export of raw skins (excluding fur) and leather in Australia amounted to US $832 million, of which the total volume of exports to China was about 597 million US dollars, accounting for more than 70%.

FTA David Larkin, a member of the red meat trade negotiations, said that the gradual elimination of tariff costs would have a positive impact on the owners, processing plants and exporters of Australia's cattle and sheep farms, and that Chinese customers and consumers could no longer pay the premium due to customs duties.

Shoes, bags and other products are also the main trade products between China and Australia.

According to the Ministry of commerce data, in the first 3 quarters of this year, the total number of footwear products imported from Australia totaled US $1 billion 217 million, and the total imports from China amounted to US $769 million, accounting for about 60%. In addition, the total imports of leather goods and bags from Australia were US $516 million, up 0.4% over the same period last year.

According to BBC, another important point in the Sino Australian FTA is that Chinese exporters' clothing, shoes, automobiles and electronic products exported to Australia will be exempted from customs duties.