Colombia's Congress on Thursday approved a tax reform bill that will raise an additional 20 trillion pesos ($4 billion) annually for the next four years, in part through increased duties on oil and coal.
The new law, the centrepiece of new President Gustavo Petro's economic policies, seeks to fund social projects and put the country's public finances in order.
In addition to duties of up to 10% on coal and up to 15% on crude oil when prices go above a certain level, the law will impose higher taxes on people who earn more than 10 million pesos, about $2,000, per month, as well as on single-use plastics, sugary drinks and ultra-processed foods. He added that agriculture, education, healthcare and peace programs can now count on significantly more financing and that the markets should not fear that the government would not be fiscally responsible.
Petro has also pledged to transition away from hydrocarbons, though the government said last week it may reverse a much-maligned ban on new oil contracts.
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