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Petro Targets Rich Colombians and Oil Exports With New Taxes (1)

Aug. 8, 2022, 7:36 PM

Wealthy Colombians and energy exports are being targeted with new taxes on the first day of President Gustavo Petro’s administration.

The incoming leftist government, which took office on Sunday, said it is seeking to cut inequality and raise money for poverty-fighting programs with the measures.

Gustavo Petro
Photographer: Nathalia Angarita/Bloomberg

The bill sent to congress on Monday proposes a permanent annual wealth tax of 0.5% on assets of more than about 2.7 billion pesos ($630,000), rising to 1% on fortunes exceeding about 4.6 billion pesos.

It would also introduce a 10% export tax on oil, coal and gold when their prices are ...