Colombia also Feeling the Fall of Oil Prices

Via Reuters:  Colombia Congress passes tax reform to contain deficit

Colombia’s lower house passed a tax law that will earn the government 53 trillion pesos ($22.3 billion) over the next four years mostly from businesses, by extending and modifying existing taxes that will expire at the end of this year.

The package was passed by the Senate last week and now awaits the president’s signature. It extends a three-year wealth tax that will raise 12.5 trillion pesos in 2015 alone.

The reform comes at a time when Colombia’s government faces a sharp fall in revenue from its top export, crude oil, after a roughly 40 percent fall in its price since June. That is set to dent government finances and has led to a weakening of the peso.

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Steven L. Taylor
About Steven L. Taylor
Steven L. Taylor is a Professor of Political Science and a College of Arts and Sciences Dean. His main areas of expertise include parties, elections, and the institutional design of democracies. His most recent book is the co-authored A Different Democracy: American Government in a 31-Country Perspective. He earned his Ph.D. from the University of Texas and his BA from the University of California, Irvine. He has been blogging since 2003 (originally at the now defunct Poliblog). Follow Steven on Twitter


  1. RGardner says:

    Interesting, though I do keep more interest in Latin America that the average American..
    I was surprised that Columbia is now an oil exporter
    Ditto that Colombia is exporting natural gas to VZ