Government to submit tax reform for 16 trillion pesos after presidential order
Germán Ávila, Minister of Finance and Public Credit Photo: Ministry of Finance and Public Credit
TL;DR
- The national government will present a new tax reform project to Congress within days.
- The reform aims to adjust public finances for 2026 with an estimated 16 trillion pesos.
- Key measures to be reinstated include higher taxes on liquors, cigarettes, digital platform purchases (like Amazon), and personal wealth.
- Potential budget cuts are being considered for infrastructure projects to safeguard social spending.
- This announcement comes after Standard & Poor's downgraded Colombia's risk rating due to public finance challenges.