Petro Government Announces New Tax Amid Economic Emergency
From Cartagena, where Colombian President Gustavo Petro leads a new session of the Council of Ministers, Finance Minister Germán Ávila announced the issuance of a new decree that creates taxes within the framework of the economic and social emergency declared due to the heavy rainy season that has affected several regions of the country.
TL;DR
- A new corporate wealth tax has been created in Colombia to address an economic and social emergency due to heavy rains.
- The tax has a maximum rate of 1.6%, with specific rates for the financial and mining-energy sectors.
- Payments will be made in two installments in April and May 2026.
- The government expects to raise around 8 trillion pesos from this tax.
- Negotiations are ongoing with the financial sector regarding forced investments.
- President Petro criticized private banks for absorbing resources and hindering economic growth through interest rates.
- The financial sector has proposed measures like a 12-month grace period for debts in affected areas and reduced interest rates.