Court accepts lawsuit over delay in implementing law for 4x1000 charge exemption

TL;DR

A Bogotá court accepted a class-action lawsuit against banks for not timely implementing the 4x1000 tax exemption from Law 2277 of 2022.
The law intended to eliminate the need to concentrate all finances in one bank to avoid the 4x1000 charge.
Banks are accused of not automating the exemption and continuing to charge the tax, despite it being legally exempt.
The 4x1000 tax, or Gravamen a los Movimientos Financieros (GMF), is a 0.4% tax on financial transactions.
Nu Colombia highlighted the delay as a barrier to financial inclusion, potentially costing Colombians up to $800,000 pesos annually.
The collected 4x1000 tax goes to the government and is used for social, security, and health programs.

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