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President Gustavo Petro of Colombia has asked Congress to overturn the fiscal rule that limits government spending, following the country's first economic contraction since 2020. This move has spooked investors, causing the Colombian peso to sink. Additionally, the country's top court has struck down a key revenue source from Petro's 2022 tax bill, leaving the government with a financial gap. The court also lifted a ban on deducting royalties from tax income, leading to a jump in shares of Ecopetrol, an oil and coal producer.
Colombia court strikes down ban on deducting royalties from tax income https://t.co/U8u6D9A99W https://t.co/CJAazTOr4R
Shares of Ecopetrol jumped after Colombia’s constitutional court struck down a measure that increased taxes on oil and coal producers https://t.co/gg9STOFUF4
Shares of Ecopetrol jumped after Colombia’s constitutional court struck down a measure that increased taxes on oil and coal producers https://t.co/WQxTA7Glqx
⚠️ COLOMBIA COURT STRIKES DOWN BAN ON DEDUCTING ROYALTIES FROM TAX INCOME Full Story → https://t.co/7qmTWycF1K Colombia's Constitutional Court has struck down part of a law that prohibited extractive companies from deducting royalties paid to the government from their taxable… https://t.co/HtD2hvY3SL
Colombia’s top court struck down one of the main sources of revenue in President Gustavo Petro’s 2022 tax bill, leaving the government with a hole in its finances https://t.co/X88aYaj1nR
Colombia’s top court struck down one of the main sources of revenue in President Gustavo Petro’s 2022 tax bill, leaving the government with a hole in its finances https://t.co/N6yrUpqyjz
Colombia’s top court struck down one of the main sources of revenue in President Gustavo Petro’s 2022 tax bill, leaving the government with a hole in its finances https://t.co/D59MqNAAz7
The Colombian peso sank after President Gustavo Petro spooked investors by asking lawmakers to overturn a law that limits government spending https://t.co/mmIHOdI7FD
The Colombian peso sank after President Gustavo Petro spooked investors by asking lawmakers to overturn a law that limits government spending https://t.co/ZxNgwkhJwW
The Colombian peso sank after President Gustavo Petro spooked investors by asking lawmakers to overturn a law that limits government spending https://t.co/kHDSc9vaVW
Colombia’s president asks lawmakers to overturn a law that limits government spending after the economy shrinks for the first time since 2020 https://t.co/XVWibuebv9
Colombia’s Petro Asks Congress to Overturn the Fiscal Rule https://t.co/7yyHVYQKar
Colombia’s Petro Asks Congress to Overturn the Fiscal Rule https://t.co/Ga1XuxZdgb