New Tax Reform to Impact Energy, Mining Industries in Colombia

New Tax Reform to Impact Energy, Mining Industries in Colombia

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.

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