Top Court Kills Colombian Royalty Measure Worth $780 Million

11/17/2023 08:21
Top Court Kills Colombian Royalty Measure Worth $780 Million

Colombia’s top court struck down one of the main sources of revenue in President Gustavo Petro’s 2022 tax bill, leaving the government with a hole in its finances.

Colombia’s top court struck down one of the main sources of revenue in President Gustavo Petro’s 2022 tax bill, leaving the government with a hole in its finances.

The fiscal reform approved last year prevented oil and coal producers from deducting royalty payments from their corporate tax liability. The court said in a press statement that such an article of the tax reform approved by Congress was against the constitution without explaining the reasons for its ruling.

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