MinHacienda confirms economic emergency due to climate crisis: "Around $8 trillion would be needed"
In the Council of Ministers taking place in Córdoba, the National Government confirmed that it has asked the Constitutional Court to lift the measure that s...
TL;DR
- The Ministry of Finance confirms the necessity of an economic emergency to address the climate crisis.
- Around 8 trillion pesos are required for flood and economic recovery efforts.
- The government is requesting the Constitutional Court to lift the suspension of the economic emergency.
- A progressive wealth tax on legal entities with net assets over 200,000 UVT (approximately 10 billion pesos) is proposed.
- The tax rates will be 0.6% up to 600,000 UVT and 1.2% for higher net worth.
- This tax is expected to affect about 15,000 companies and generate approximately 8 trillion pesos.
- The government may declare a new economic emergency if the previous suspension is not lifted, implementing different measures.