International Tax Review is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Global Tax 50 2015: Mauricio Cardenas

Minister of finance and public credit, Colombia; chairman, Intergovernmental Group of Twenty Four on International Monetary Affairs and Development

Mauricio Cardenas

Mauricio Cardenas is a new entry this year

Mauricio Cardenas is the architect of Colombia's latest tax reform, which is set to be enacted during 2016.

The 53 year old, who worked as minister of mines and energy for a year before becoming Colombia's minister of finance and public credit in 2012, and also briefly held the business-friendly minister of economic development role in the 1990s, announced Colombia's intention to undergo a "structural reform" of its tax system late last year.

The government worked with an expert commission to produce a report on the necessary elements of the reform.

"With those elements, with that input, we will create a dialogue with all the involved sectors and be able to present a structural tax reform law in March of next year [2016]," said Cardenas on November 9.

Crude oil is by some distance Colombia's largest export, and the South American country has been hit hard by low prices – which show no signs of recovering as we begin 2016. This also affects the country's ability to exchange foreign currencies. Before beginning to fall in 2013, the Colombian peso had been one of the best-performing currencies in the developing world, rising 65% in value in the previous decade.

The country's need for tax reform is therefore urgent, and it is hoped that the reform will make up for an expected $9 billion in lost revenue by 2020.

Cardenas says that the upcoming reforms are about broadening and shoring up the tax base, with a focus on "making sure our tax system deals in a more effective way with tax evasion, widens the tax base… so that it's not just a few corporations and individuals that take most of the tax burden".

Through his chairmanship of the Intergovernmental Group of Twenty Four on International Monetary Affairs and Development, Cardenas further exerted his influence in 2015 by helping to coordinate the position of developing countries on international monetary issues and forge a stronger, more vocal presence for developing countries during international discussions.

The Global Tax 50 2015

View the full list and introduction

The top 10 • Ranked in order of influence

1. Margrethe Vestager

2. Pascal Saint-Amans

3. Wang Jun

4. Arun Jaitley

5. Marissa Mayer

6. Will Morris

7. Ian Read

8. Pierre Moscovici

9. Donato Raponi

10. Global Alliance for Tax Justice

The remaining 40 • In alphabetic order

Brigitte Alepin

Andrus Ansip

Tamara Ashford

Mohammed Amine Baina

Piet Battiau

Elise Bean

Monica Bhatia

David Bradbury

Winnie Byanyima

Mauricio Cardenas

Allison Christians

Rita de la Feria

Marlies de Ruiter

Judith Freedman

Meg Hillier

Vanessa Houlder

Kim Jacinto-Henares

Eva Joly

Chris Jordan

Jean-Claude Juncker

Alain Lamassoure

Juliane Kokott

Armando Lara Yaffar

Liao Tizhong

Paige Marvel

Angela Merkel

Zach Mider

Richard Murphy

George Osborne

Achim Pross

Akhilesh Ranjan

Alan Robertson

Paul Ryan

Tove Maria Ryding

Magdalena Sepulveda Carmona

Lee Sheppard

Parthasarathi Shome

Robert Stack

Mike Williams

Ya-wen Yang

more across site & bottom lb ros

More from across our site

ITR’s latest quarterly PDF is going live today, leading on the EU’s BEFIT initiative and wider tax reforms in the bloc.
COVID-19 and an overworked HMRC may have created the ‘perfect storm’ for reduced prosecutions, according to tax professionals.
Participants in the consultation on the UN secretary-general’s report into international tax cooperation are divided – some believe UN-led structures are the way forward, while others want to improve existing ones. Ralph Cunningham reports.
The German government unveils plans to implement pillar two, while EY is reportedly still divided over ‘Project Everest’.
With the M&A market booming, ITR has partnered with correspondents from firms around the globe to provide a guide to the deal structures being employed and tax authorities' responses.
Xing Hu, partner at Hui Ye Law Firm in Shanghai, looks at the implications of the US Uyghur Forced Labor Protection Act for TP comparability analysis of China.
Karl Berlin talks to Josh White about meeting the Fair Tax standard, the changing burden of country-by-country reporting, and how windfall taxes may hit renewable energy.
Sandy Markwick, head of the Tax Director Network (TDN) at Winmark, looks at the challenges of global mobility for tax management.
Taxpayers should look beyond the headline criteria of the simplification regime to ensure that their arrangements meet the arm’s-length standard, say Alejandro Ces and Mark Seddon of the EY New Zealand transfer pricing team.
In a recent webinar hosted by law firms Greenberg Traurig and Clayton Utz, officials at the IRS and ATO outlined their visions for 2023.