Through fiscal policy, regulators attempt to improve unemployment rates, control inflation, stabilize business cycles and influence interest rates in an effort to control the economy. Fiscal policy is largely based on the ideas of British economist John Maynard Keynes (1883–1946), who believed governments could change economic performance by adjusting tax rates and government spending.

 

“The fiscal deficit for 2017 will be 3.3% of Colombia's gross domestic product (GDP), Finance Minister Mauricio Cárdenas revealed during the presentation of the Government's Financial Plan for this year. Thus the accounts, should be financed a missing 30.3 trillion pesos. The head of the Treasury pointed out that the total revenue of the Government should be in 2017 of 137 trillion pesos, 6.74% more than the preliminary data for 2016, projected total 128.3 trillion pesos (see Report) . To achieve this figure, the Dian should raise 123.9 trillion pesos, or 11.11% more than in 2016, this because of the effect on government revenues of tax reform. As for the expenses, these will be 167.3 billion pesos, and represent 18.5% of the national GDP.”

In addition, compared to the 2016 estimate, expenses will increase by 3%, mainly due to a 2.2% increase in operating and investment items, from 136.9 billion pesos in 2016 to 140 billion pesos in 2017.

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http://www.investopedia.com/terms/f/fiscalpolicy.asp#ixzz4Z6B92IOE

http://www.elcolombiano.com/negocios/economia/minhacienda-revela-plan-financiero-2017-MH5768169

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