When filing the tax reform bill in the House of Representatives, The Minister of Finance, José Antonio Ocampo, specified that in the first year the objective of this adjustment will be raise $25 billion per yearand that this figure rises progressively to $50 billion thanks to the fight against tax evasion and avoidance that will be implemented.
According to the official, the key elements of this initiative will be apply a higher tax to natural persons, that is, to those who earn more than $10 million per month, and limiting multiple tax benefits that exist today. The creation of a permanent wealth tax for natural persons is also proposed.
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As to tax evasion and avoidance, Ocampo pointed out that these phenomena cost the country between $50 and $80 billion a year, so it will be essential to strengthen the mechanisms to prevent this from happening.
Regarding taxes on companies, the Minister of Finance mentioned that several benefits that are currently granted will be limited and the simple regime will be improved to achieve greater formalization of small companies. Also, Specific or special taxes will be created on the export of minerals such as coal and gold, and hydrocarbons, that is, oil.
Ocampo added that there will be measures or taxes with social and environmental effects, which will cover sugary drinks and ultra-processed foods, and carbon emissions.
For his part, the president of Congress, Roy Barreras, considered it pertinent that the initiative is processed with an urgent messagegiven that poverty is one of the country’s main structural problems, which translates into hunger and lack of access to essential goods and services.
In his turn, the director of the Dian, Luis Carlos Reyes, assured that the approval of the reform will not be done in the social clubs or in the corridors of Congress, and stressed that the strength of measures to combat tax evasion and avoidance will be essential to achieve collection goals, some $50 billion in 2026.