Ecopetrol Sees ‘High’ Chance of Favorable Ruling on Tax Charge

Ecopetrol CFO Camilo Barco speaks in the first-quarter earnings call alongside other company officials.

• NOTE, May 5: Ecopetrol at Risk From $2.2 Billion Tax Grab, Union Says
• Barco says that Ecopetrol sees a “high” chance that it gets a favorable ruling in its challenge to value-added tax charges from Colombia’s tax authority DIAN on gasoline and diesel it imported between 2022 to 2024, charges that amount to COP9.4t ($2.3b)
  • The process can take two to five years
  • Related VAT payments this year are estimated at COP3.6t, and Ecopetrol forecasts COP3.3t will be recovered as refunds; refunds should increase in the ...