Latin America

Colombia’s tax reform saga: a cautionary tale for Brazil?

Colombia's tax reform saga: a cautionary tale for Brazil?
Protest in Bogota

Brazilian investors seem confident that the Jair Bolsonaro administration will be able to pull off a successful reform of the pension system. Unlike his predecessor, Mr. Bolsonaro appears to have the political momentum required to pass the austerity package. House Speaker Rodrigo Maia has said he expects the text to be voted on by the floor as early as May. However, doubts still linger in the minds of international investors—who fear that, once again, politicians will block the reform or approve a watered-down version of it.

Colombia, one of our closest neighbors, shows what could happen if Brazil...

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