Colombian government introduces new tax reform to fund the 2025 budget.

In September 2024, the Colombian government, led by Finance Minister Ricardo Bonilla, introduced a new tax reform aimed at raising 12 trillion pesos to fund the 2025 general budget.

The reform rests on three main pillars: driving economic reactivation through incentives, generating new revenue streams by taxing sectors such as online gambling and hybrid vehicles, and amending the fiscal rule to incorporate a "green fiscal rule" designed to encourage investment in environmentally sustainable projects.

Among the most notable developments is a reduction in corporate income tax for most sectors, excluding oil and coal, which will retain current conditions. The government also expects to obtain additional revenue through the tax treatment of online gambling platforms.