One day after his inauguration, the government of Gustavo Petro filed this Monday before the Secretariat of the House of Representatives the text of the new tax reform.
(You can read: Petro tax reform: these are the taxes that the project brings)
One of the main aspects proposed is the reduction of exempt income, which is the percentage of income that is not taxed or contributed to social security. This would go from 2,880 Tax Value Unit (UVT) to 790. In the same way, the exempt income and deductions that a taxpayer can have in total would go from 5,040 UVT to 1,210.
These measures would apply to people who earn more than 10 million pesos.
Likewise, in pensions of more than 10 million pesos, the exempt income would drop from 12,000 UVT to 1,790. They assure that only 0.2% of pensioners would contribute to this tax.
Dividends and wealth tax
Regarding dividends, the government proposes a “modification to income exempt from occasional profits.” Although the amount is not yet known, the Minister of Finance, José Antonio Ocampo, spoke of a taxation of 20%.
In the same wayit is proposed to permanently establish the wealth tax according to a “marginal tariff scheme”. This is what the synthesis of the project says: “It is proposed that the first 500 UVT of the value of liquid assets be exempt from the tax, consistent with the average value of a residential home.”
Tax on sugary drinks and single-use plastics
This was one of the most debated aspects before the text was known. Within the Government’s proposal is to put a tax on sugary drinks such as soft drinks and soft drinks. “They would be taxed based on the sugar content in grams per 100 milliliters of drink,” says the text.
A tax was also raised on ultra-processed foods such as sausages, sweets, snacks and powders for preparations. The fee would be 10%.
Additionally, the Government proposes to tax “the sale and import of plastic products used to package, pack or package goods only once.” The above would be done as follows: 0.00005 UVT for each (1) gram of the container, packaging or packaging, which is equivalent to 1.9 pesos per gram.
Inheritances and donations
The document proposes that people who inherit a home whose value “equivalent to a heritage similar to that of a taxpayer who receives monthly income of more than 10 million, must pay more.”
For real estate other than housing, the “exemption of 50% of that assigned to housing (changes to 6,500 UVTs)”. In the case of other assets, “the exemption will be 25% of that assigned to housing (it goes to 3,250 UVTs)”.
This rule has been built jointly between the team of the Minister of Finance, José Antonio Ocampo, and the director of the Dian, Luis Carlos Reyes. Although several proposals have been discussed, today the definitive ones will finally be known.
(You can read: These are the 10 projects that the new President hopes to get out in 100 days)
This is the priority project of the new Government, which will mainly seek to increase the collection of income tax from natural persons with higher incomes.
(In context: Tax reform: 10 points that the Petro project that is filed today will have)
News in development…