October 21, 2019 |
When Colombia's constitutional court overturned a tax reform law on October 16, the market reaction was surprisingly humdrum.
"It made some noise, but it was a non-event," said Sergio Olarte, chief economist at Scotiabank Colpatria in Bogotá. "The market isn't taking this negatively."
Felipe Campos, head of research at Bogotá investment management firm Alianza, said much the same in a tweet. "It's bad, but not catastrophic," he wrote.
The tax reform had passed last year, increasing income taxes
Constitutional court strikes down the 2018 law, but gives the government time to submit a new bill