Colombia’s Top Court Suspends Petro’s Emergency Tax Increases

Colombia’s top court suspended billions of dollars of tax increases that the government had attempted by enact by decree, bypassing congress.

The Constitutional Court issued a temporary suspension of the government’s economic emergency decree, while it reviews it. The measures include higher wealth taxes, increased levies on tobacco and liquor, and new taxes on gambling platforms. The government expected the changes to raise about $4.4 billion this year. The suspension was approved by a 6–2 vote.

The decision is a blow to leftist President Gustavo Petro, who had sought to alleviate the deep fiscal strain caused by lower-than-expected revenue and ...