Possible wealth tax on companies unleashes rejection among businessmen in Colombia
The winter tragedy in Córdoba has already begun to move pieces in fiscal policy. During the Council of Ministers held in Montería, the Minister of Finance...
TL;DR
- The Colombian government is considering a wealth tax on companies to address the crisis caused by heavy rains.
- The tax would apply to net assets over 200,000 UVT (approx. COP 10.4 billion), with marginal rates of 0.6% and 1.2%.
- This measure is expected to impact about 15,000 large companies and generate an estimated COP 8 trillion.
- Business organizations, like the Andi, have strongly rejected the proposal, calling it an 'investment tax' that could harm job creation.
- Critics argue that taxing wealth, rather than profits, can discourage capital accumulation and reduce competitiveness.