Colombia: Senate Moves to a Plan to Reduce VAT on Airlines Tickets
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As a part of a larger plan to reactivate the tourism industry, a Committee from the Colombian Senate approved a proposal to reduce VAT on air tickets from the current 19% to 5%.
The initiative is endorsed by the Colombian Government and has an urgent call for prompt discussion and analysis.
Senator Horacio José Serpa, celebrated the decision and pointed out the need to approve this initiative for the quick reactivation of one of the most important sectors for the country’s economy.
This bill, which focuses on sustainability criteria associated with strengthening the competitiveness of tourism activity, looks to contribute to the reactivation of one of the sectors hardest hit by the crisis generated by the Covid-19 pandemic.
Colombia reinstated international scheduled flights in October. In 2019, the tourism industry employed 1.4 million Colombians and contributed $19 billion to the economy, equal to 3.8% of GDP.
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