By Carlos Vargas
BOGOTA (Reuters) – Colombia’s Congress on Thursday finished approving a tax reform set to raise an additional 20 trillion pesos ($3.98 billion) for the next four years, partially through increased duties on top exports oil and coal.
The reform, which has drawn criticism from businesses worried it will dampen investment and contributed to a weak peso, will levy additional duties of up to 10% on coal and up to 15% on crude oil when prices go above a certain level.
The value of the reform is well below the initial 25 trillion peso amount proposed by the government of new leftist President Gustavo Petro, who pledged to raise duties to fund social projects and put public finances in order, but was forced to curb charges on oil and gas and high-earners’ pensions.
($1 = 5,015.84 Colombian pesos)
(Reporting by Carlos Vargas; Editing by Sandra Maler)
