Cotelco asks the Colombian Congress to approve the Financing Law

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Cotelco asks the Colombian Congress to approve the Financing Law
Mon October 21, 2019

The president of the Hotel and Tourism Association of Colombia proposed to approve the new draft of the Block Financing Law and thus be able to meet the term of the Court


Before the decision of the Constitutional Court to declare the inescapability of the Financing Law, the president of the Hotel and Tourism Association of Colombia - Cotelco, Gustavo Adolfo Toro, proposed to the Congress of the Republic, within the framework of the National Hospitality Congress 2019, process and approve the new draft of the Block Financing Law and thus be able to comply with the Court's term to begin to take effect from January 1, 2020.

“From Cotelco we want to express our support in this process, convinced as you, that a lower tax burden for companies will result in more jobs and economic development for the country. It would be important, Mr. President, for this project to be processed as a block. I hope that the space for a discussion that avoids meeting the deadline of December 31, 2019, granted by the Constitutional Court for the new procedure is not opened, ”said the executive president of Cotelco.

And he added: “The decision of the Constitutional Court to declare the illegibility of this Law is a blow not only for the purposes that you set out in your Government program, but for the legal and economic stability of the country. However, the Court has respected the consolidated legal situations and has left the door open for this Law to be processed again.

The president of Cotelco also expressed the support of the entire hotel sector to correct the constitutional vice that the Constitutional Court indicated in the Financing Law.

“President, you in this National Hospitality Congress, are in the middle of 920 friends, who are proud of the representation they make of our country and the commitment it has with the industry. In these difficult moments we are accompanying him. All the businessmen gathered here are closing ranks with the Government to support it in what should be the process of this new financing law that has been so important for the Colombian business and hotel industry, ”said Toro.

For his part, the President of the Republic stressed that the decision of the Constitutional Court on the Financing Law was taken in a manner, but not in substance, so that in the midst of the support of the hotel sector to process the Financing Law again Congress of the Republic, highlighted the benefits generated by the articles to the industry.

“We need the Financing Law to be maintained because it has also been a law for hotel development in Colombia, which extended the benefits for 20 more years and also seeks that Colombia have more competitiveness and also extends the benefits of convention centers. the theme parks, ”said the President of the Republic, Iván Duque Márquez.

"Thinking about an integration in search of tourism, this is the occasion to tell you that the decisions of the Court are of course followed, but there is also an advantage, and that is that the ruling of the court was not based on the substance of the law, but about a circumstance in the legislative process, which clearly makes clear in its pronouncement, that the law is in force until December of the year 2019 and gives us a reasonable time for us to take out the rule in time. The law is already in force until December 31, 2019, what we need is that the same law is effective as of 2020 and that there is no space for political controversy because it was already approved by Congress with the inclusion of many benches "He added.

“That law is not to satisfy any whim of the President, it is for Colombia to continue growing and remain more competitive, so that Colombia continues to generate more employment and have more clarity in investment. That is why I have asked the legal team of the Presidency and the Ministry of Finance to quickly present the project and to complete the process of the elections on October 27, we can give everyone, with patriotic and urgency, the legal certainty that You need the country and move on. That law has already shown its benefits that are incontrovertible. I mean promptly that at the first sign, it is that the Colombian economy this year grows above 3%, when Latin America is going to grow 0.5%, ”said the President of the Republic.

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