The tax moves and new taxes decreed by the Petro government taking advantage of the economic emergency
The market continues to have doubts about how these taxes will be implemented. Photo: Image generated with artificial intelligence.
TL;DR
- The government has implemented new tax measures via Decree 0240 of 2026 to fund the response to an economic emergency caused by heavy rains.
- The wealth tax scope has been expanded to include legal entities and branches of foreign companies operating in Colombia, applicable to net worth of 200,000 UVT or more as of March 31, 2026.
- Exemptions from the expanded wealth tax are provided for healthcare companies, state-intervened companies, and certain public utility companies in affected municipalities.
- A tax normalization instrument is introduced with a 19% rate, allowing taxpayers to regularize omitted assets or non-existent liabilities, with a deadline of July 31, 2026.
- The sales tax (IVA) on internet-only gambling operations will be raised to 16% as an additional revenue stream.
- The total estimated spending need to address the emergency is over $8.6 trillion Colombian pesos.
- Resources collected will be managed by entities like the National Unit for Disaster Risk Management.