New Tax Targets of the Petro Administration Would Require a Major Overhaul of Taxes

Tax attorney Gustavo Pardo Ardila was cited in a Portafolio article expressing doubts about the feasibility of achieving the Colombian government's ambitious tax collection goal, highlighting that the country's current tax burden is already high and discourages new business. He warned that further increasing taxes could negatively affect employment and urged Colombians to oppose the proposed reform, emphasizing that the final decision rests with Congress. Mr. Pardo also voiced concern that the reform could deepen existing economic challenges without offering concrete solutions for sustainable growth.

"The combined taxation in Colombia already exceeds 70 percent when adding national, territorial and parafiscal taxes. Under these conditions, no one would be encouraged to start a business in the country," he said.

READ: New Tax Targets of the Petro Administration Would Require a Major Overhaul of Taxes