How much would Colombians pay less if the VAT is eliminated with the proposal in Congress?

TL;DR

A proposal in the Colombian Congress seeks to replace the 19% VAT with an 8% national consumption tax.
The initiative aims to simplify the tax system by taxing final consumption directly.
The new tax would not include VAT's value-added mechanisms or prior chain discounts.
One percent of the new tax revenue would be earmarked for health (0.5%) and education (0.5%), including public higher education.
The change would simplify tax collection and reduce administrative burdens, particularly for SMEs.
For example, a 100,000 peso purchase would cost 108,000 pesos with the new tax, compared to 119,000 pesos with the current 19% VAT.

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