Colombian President Ivan Duque on Sunday announced he would withdraw a proposed tax reform following protests and opposition from many lawmakers.

The 44-year-old however insisted that a reform was still necessary to ensure fiscal stability.

"I am asking Congress to withdraw the law proposed by the finance ministry and urgently process a new law that is the fruit of consensus, in order to avoid financial uncertainty," Reuters quotes Duque.

The initial proposal included increasing taxes on individuals and businesses, as well as eliminating several exemptions.

The ensuing mass protests turned violent in some instances as police clashed with civilians.

Reports indicate that at least six people died in the clashes, including one police officer.

(With input from Reuters)