Box 3: Central Bank Communications in Response to Changes in the Value Added Tax: The Cases of Australia, New Zealand, Norway, the United Kingdom and Canada
Keep in mind
Los análisis y pronósticos incluidos en este informe son producidos por el equipo técnico del Banco. Es la base principal sobre la cual se realiza la recomendación de política monetaria a la Junta Directiva del Banco de la República (JDBR) y por estas razones no refleja necesariamente la opinión de sus miembros.
AUTHOR OR EDITOR
Nicolás Martínez
Mariana Escobar
Juan David Torres
Daniela Pinilla
The recent tax reform in Colombia, which was passed in December 2016 and took effective as of January 2017, with the maximum deadline for adoption being February of the same year, implies an upward shock to the prices of most products marketed in the country. As mentioned in other sections of this report, a bullish impact on the consumer price index (CPI) is anticipated, either because items that make up the index are subject directly to the reform or because they respond, in some way, to other taxed items (via costs or indexing).
