Colombia Senate Rejects Tax Reform Bill
Update: 2025-12-09
Description
Colombias Senate economic committee rejected a major tax reform bill, aiming to raise $4.25 billion USD, due to worsening financial conditions. The government now needs to adjust next years budget or find alternative funding sources. The rejected reform included tax increases on petroleum products, oil and coal industries, tobacco, alcoholic beverages, online gambling, income, and wealth. The rejection occurred before the 2026 elections, highlighting limited support for the current governments policies. Colombias economy is experiencing a decline, leading to a suspended fiscal rule and a raised fiscal deficit target.
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