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Richest Colombians Brace for Permanent Wealth Tax Proposal

Sept. 7, 2022, 8:45 AM

Colombia’s wealthy are looking at options to cushion the blow of higher taxes recently proposed by Gustavo Petro, the country’s new president.

The government is proposing a permanent wealth tax, along with a raft of other tax changes, to raise revenue to fund social programs. The bill includes a wealth tax of 0.5% on assets of more than 2.7 billion pesos (643,000 dollars) and 1% for assets of more than 4.6 billion pesos ($1.1 million).

Colombia’s overall tax reform effort is meant to “reduce the inequitable exemptions enjoyed by individuals with higher incomes,” according to the government’s tax reform ...