Tax on coal and oil exports comes from the tax

Presenting the tax reform for the first debate, the tax on coal and oil exports will be abolished and royalties will not be deductible. In addition, a surcharge on the income tax is determined.

Finance Minister José Antonio Ocampo explained that the surcharge for oil and coal companies will be 10% in the first year, 7.5% in the second and 5% in the third year.

For example, the national government projects a collection of 9 billion dollars from this sector.

In a joint statement, the ACP and ACM called for the national government and the Congress of the Republic to consider adjustments to the proposed surcharge.

“That is to say, the surcharge proposed for the mining energy sector in line with the tax burden in the region, applies from high prices and spread, and is seen as a replacement for the proposals not to deduct royalties and levy an export tax, so that the sector can ensure its viability and thus, it can save important resources continue to contribute to the finances of the nation and regions,” the letter emphasizes.

Source: El heraldo