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Colombian Congress approves tax reform | News

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The Chamber of Representatives of the Colombian Congress approved this Thursday the tax reform, promoted by the Government headed by President Gustavo Petro, in pursuit of promoting projects in favor of social justice.

CMIO.org in sequence:

Colombian Senate approves tax reform in first debate

After a long debate, the Lower House gave its approval by a large majority to the bill, which underwent certain changes, but which does not modify the essence of the principle of “who has more, pays more”.

In this sense, the Minister of Finance, José Antonio Ocampo, affirmed that “this tax reform, in the first place, is a great contribution to the change that the national government intends to forcefully advance.”

Congratulations to the finance minister, José Antonio Ocampo, and to the director of the Dian, Luis Carlos Reyes, for a job that can only be described as excellent. pic.twitter.com/1uPfqSPIAw

– Gustavo Petro (@petrogustavo)
November 4, 2022

At the same time, the head of the portfolio specified that the norm “combines two essential elements: first, a solid fiscal policy and, secondly, we will have the additional resources to promote change and total peace.”

As for the oil and mining sector, the Government achieved the prohibition of the reduction of income tax royalties, as well as a rate ranging from 15 percent in hydrocarbons to 10 percent in coal.

The representative to the Chamber for Antioquia, Alejo Toro, pointed out that “the mining companies have been allowed to deduct royalty payments from their taxes, but in practice this has meant that they do not pay income tax. With this tax reform this is over.

#Tax reform For years, mining companies have been allowed to deduct royalty payments from their taxes, but in practice this has meant that they do not pay income tax. With this tax reform this is over, now they will pay like other companies.

– Alejo Toro (@AlejoToroAnt)
November 3, 2022

Similarly, the so-called healthy taxes, aimed at reducing the cost of medical care in the most vulnerable populations, will come into force as of November of next year.

At the same time, digital taxes will begin to apply from January 2024 with which foreign companies and applications are taxed, as well as taxes on single-use plastics and free zones.



Disclaimer: Via Telesur – Translated by RJ983

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