Codere Online will make no further investments in Colombia if the country’s value-added tax on deposits is renewed. That was the position of Codere executives in their third-quarter earnings call.
“It was a little bit counterproductive,” outgoing Chief Financial Officer Oscar Iglesias said of the VAT. Today was his last day as CFO, though he will continue on as a board member. “It’s a tough market” that makes little sense for Codere looking ahead. He said the company hopes that a centrist or right-leaning political party prevails in the upcoming election.
“The unit economics are not good” in Colombia because of the VAT, Iglesias continued.
