Tax reform is the issue that in April sparked mass nationwide protests that left more than 60 people dead and the Colombian government is facing accusations of use of excessive force.
Finance ministers and central bankers from G20, the countries with the 19 biggest economies and the European Union, green light a "revolutionary" deal to tax multinational companies more fairly.
The demonstrations that began on April 28 have pressured the government and lawmakers into shelving tax and health reforms, leading to the resignation of former finance minister Alberto Carrasquilla.
Figures from an NGO show that over 30 people have died since the start of the protests, while official figures show at least 18 of 24 dead were shot, and over 800 others injured.
Despite the withdrawal of the bill from congress, an umbrella group known as the National Strike Committee is calling for new demonstrations.
Protesters took to the streets of several cities to denounce the reforms which they see as an unwarranted attack on the society in a time of dire economic straits due to the pandemic.
The announcement came after a week of protests against the new income tax bill brought about by IMF-demanded austerity measures.
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