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The national tax and customs superintendent, José Vielma Mora informed that an executive committee, integrated by the national tax collection and customs service (Seniat) and the ministries of Finance and Planning; was evaluating the possibility of reducing the Added Value Tax (IVA). Vielma added that this committee was evaluating the whole taxing system, "how to eliminate some taxes, and how to reduce the IVA to 14%, 13% and even 12%".

Meanwhile, the Seniat already presented before the Ministry of Finance, the projection of the impact that this measure would have on the 2005 budget. Should this modification be approved in January, the new tax rate would be effective as of February. "And if it is made effective in February, it will be effective as of March; it all depends on the discussions in the National Assembly", said Vielma, who added that the institution under his administration "is willing to make the necessary efforts to lower this tax".

Published in Quantum N.45