New Tax Reform to Impact Energy, Mining Industries in Colombia

November 22, 2022--Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--This month, the Colombian Parliament passed a new tax reform promoted by the government of President Gustavo Petro, which aims to increase revenues for the state. With this new law, Petro expects to raise about US$4 billion per year from different sectors. According to Fitch Ratings (New York, New York), the tax reform is projected to raise Colombian government revenues by about 1.4% of gross domestic product (GDP) over the next two years and about 1.2% in 2025 and 2026.