Richest Colombians Face Hefty Tax Hikes on Wealth and Income (2)

Colombia’s richest citizens face a tripling in the top rate of wealth tax, as well as higher levies on salaries and luxury goods, as the leftist government of Gustavo Petro taps them to narrow the widest fiscal deficit since the pandemic.

In a tax bill sent to congress on Monday, the finance ministry is seeking to raise revenue by 26.3 trillion pesos ($6.5 billion) in one of the most ambitious attempts to boost revenue in recent years. However, lawmakers may be reluctant to raise taxes less than a year ahead of congressional and presidential elections, especially since the reform ...