Colombia Congress Passes Petro Tax Hikes on Oil and the Rich
- Congress approves a new tax package to fund social spending
- Bill includes wealth tax and extra levies for fossil fuels
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Colombia’s president Gustavo Petro chalked up his first big victory in congress with the approval of ambitious tax rises on fossil fuels and the rich.
Lawmakers passed a package of taxes Thursday that comes into force from Jan. 1 and that the government expects to generate additional annual revenue of about $4 billion dollars, equivalent to around 1.4% of gross domestic product.