Private universities must pay $135 billion for wealth tax
Amidst the measures the National Government is adopting to face the fiscal deficit, a decree from the Ministry of Finance and Public Credit has generated great controversy in the educational sector.
TL;DR
- A decree by the Ministry of Finance and Public Credit mandates private universities to pay a wealth tax.
- The tax applies to legal entities with a net worth equal to or greater than 200,000 UVT.
- Approximately 75 to 80 private higher education institutions are expected to pay around 135 billion pesos.
- This amount is equivalent to 14,000-15,000 student tuitions, significantly impacting university finances.
- Prominent universities like Externado, Javeriana, Pontificia Bolivariana, and Los Andes are among those affected.
- Universities, arguing their non-profit and public service role, have requested an exemption.
- The Constitutional Court has ruled that lack of liquidity does not exempt entities from tax obligations.