Gallery: Colombia: 7 Points to Understand Gustavo Petro’s Tax Reform

It was a Tax Reform that caused a social explosion in Iván Duque's Colombia. Finding widespread rejection, the former president had to end his term with the pending passage of a new fiscal regime that sought to cover the budget gap that was increasing on a par with international credit.

This is why in the presidential elections of 2022, the majority of candidates were aware that as soon as they arrived at the House of Nariño, they would have to start a process to approve a new Tax Reform. Gustavo Petro came to power and immediately ordered his Finance Minister, José Antonio Ocampo, to design a reform that would serve to guarantee the budget of his campaign promises, maintain the payment of international credit and give confidence to the international system.

Also read: Infographic: The 100 days of Gustavo Petro. Achievements, figures and challenges

In less than 100 days in government, the Petro administration passed and approved its tax law in Congress. With an oiled machinery in the Senate and Chamber, the parties allied to the president, passed the historic reform. These are the 7 points to understand the new Tax Reform in Colombia.

The Tax Reform of former President Gustavo Petro had 2 political axes in which the president hopes to maintain his Government. A better redistribution of wealth and the fight against climate change. Now it only remains for the Senate and the Chamber to reconcile the 2 texts that emerged from the debates and for the president to pass it into law.