already ready tax reform The new Gustavo Petro government will seek to raise 25 billion pesos to continue to face the higher social spending resulting from the pandemic.
The three main axes of the bill are paying more for those with the most money, limiting the tax benefits provided to companies, and continuing the fight against smuggling.
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The target of this reform is 25 billion pesos (1.72 percent of GDP) in 2023 and an average of 1.39 percent of GDP between 2024 and 2033.
In the medium term, the equivalent of 50 billion pesos per year (3.4% of GDP) is expected to be gradually achieved with Dian’s anti-trafficking management.
With these resources, an attempt is made to redistribute income in favor of vulnerable households and to reduce monetary and extreme poverty. Inequality will fall close to 9 times the annual average decline observed in the last 14 years.
With regard to natural persons, the reform states that the income threshold at which tax is paid will not be changed, but tax benefits For those with income over 10 million pesos.
In addition, it is emphasized that pensions will be included in the tax system as income and the allowances exceeding 10 million pesos, that is, 0.2 percent, will contribute to the higher collection of this tax.
In addition, the bill talks about combining all revenues. Also a wealth tax There is talk of an increase in effective dividend rates and occasional profits for more than 3,000 million pesos and for the wealthiest people. It was also stated that royalties would not be allowed to be deducted from income tax.
Faced with leakage estimated at around 50 billion pesos in Colombia, reform will seek more control as it complements Dian’s modernization.
The project also includes taxes on carbon emissions and public health. sugary drinks and ultra-processed foods.
Likewise, he says, there will be more control over the benefits of importing via postal shipments. VAT will be charged when goods worth less than $200 enter the national territory and come from countries where Colombia does not have free trade agreements in effect.
In the field of companies, it will try to limit some of the tax benefits. However, the tax rate they pay today will not be increased.
In addition, the bill proposes a surcharge on oil, coal and gold, which will be imposed on the extraordinary gains that industries derive from high international prices.
In terms of VAT, the reform also indicates that the three VAT-free days created by the government of Iván Duque will be eliminated.
Source: Exame
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