The dramatic fall in the price of oil—Colombia’s principal export—together with a regla fiscal (fiscal rule) that prescribes a gradual decline in the country’s fiscal deficit, have made Colombia’s fiscal situation much more difficult.  In addition, the implementation of key reforms such as land restitution, promises for increased social spending during the 2014 electoral campaign, and the anticipated costs of an eventual peace agreement between the government and the FARC have created new exigencies for fiscal revenues now and in the future.  As a result, the need for tax reform--beyond the one approved in December 2012--has been at the center of debate over economic policy in Colombia.

To explore policy options from the perspective of leading government, private sector, political, and civil society leaders, the Latin American Program partnered with Bogotá’s leading economic think tank, Fedesarrollo, to sponsor a public forum in Colombia on fiscal issues.  Finance Minister Mauricio Cárdenas and former IMF Fiscal Affairs director Vito Tanzi gave the keynote addresses.  

The document (in Spanish) is available for download below: