US EditionColombia Declares an Economic Emergency in a Criticized Effort to Raise More Taxes
The emergency decree aims to raise funds for fuel subsidies, health care, and military infrastructure amid a $134 billion budget and failed $4 billion tax bill, officials said.
- On Monday, President Gustavo Petro issued an economic emergency decree in Bogota allowing Colombia's national government to impose taxes by decree to address fiscal shortfalls.
- Petro's administration recently failed to pass a tax bill that would have boosted revenues in 2026, as public spending exceeded pandemic-era levels since last year.
- Leaked plans reported last week by local media show the government has not published the law detailing new wealth taxes and alcohol sales-tax proposals.
- Amid sharp pushback, business associations denounced the decree as authoritarian and Bruce Mac Master called it a 'flagrant abuse of the rule of law,' while many analysts expect the Constitutional Court of Colombia to overturn it, with Jorge Restrepo saying convincing the court will be difficult.
- Ahead of the 2026 elections, the decree must meet Colombian legal standards for economic emergencies, which require threats to be 'grave, imminent and unexpected,' within a roughly $134 billion 2025 budget.
31 Articles
31 Articles
With a view to the 16.3 billion pesos in which its budget for 2026 is formally defunded, the Government of Gustavo Petro declared a state of economic emergency throughout the country on Monday. This decision, eight days after the beginning of this fiscal period and in the midst of judicial leave, has opened a debate on the justification of a declaration, whose legal examination falls to the Constitutional Court. In the opinion of the Executive, …
china.org.cn
islamtimes.com
The Government of Colombia declared this Monday the State of Economic, Social and Ecological Emergency, an exceptional measure, contemplated in the Constitution, that gives extraordinary powers to the president to issue such decrees. The Ministry of Finance justified...
Associated Press News
Colombia declares an economic emergency in a criticized effort to raise more taxes
Colombia’s government has declared an economic state of emergency that enables President Gustavo Petro’s administration to issue taxes by decree.
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