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President Petro Says Government To Present Financing Bill To Compensate For Lost Revenue

COLOMBIA
  • President Petro has said he will submit a financing bill to Congress that will compensate for lost revenue from the 2022 tax reform. He said that a decision by the Constitutional Court last year to forbid oil and coal producers from deducting royalty payments from their corporate taxes had cost the government $1.7bn due to missed revenue and rebates.
  • The announcement follows a statement from the Autonomous Committee of the Fiscal Rule yesterday that compliance with the Fiscal Rule in 2024 and 2025 and the stabilisation of debt at 55% of GDP in the medium term would require additional adjustments.
  • Petro also said that the government will present an economic recovery plan to Congress amidst a still soft growth backdrop.
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