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Petro Sees Congress Approving Colombia Tax Bill Next Week

Oct. 25, 2022, 6:07 PM

Colombia’s congress is likely to approve the government’s tax bill next week, which will raise revenue by about 20 trillion pesos in 2023, president Gustavo Petro said in an audio sent by the presidency.

  • Tax revenue would rise to 23 trillion pesos by 2026, Petro said
  • Latest draft of the bill will retain the measure that will make royalty payments by oil and coal companies non-deductible for corporate tax purposes
  • Bill will impose a tax on oil and coal exports tied to international prices; the marginal rate will rise as prices increase
  • Government agreed to drop a proposal to levy ...