Petro wrecks the economy with a new tax law
He also authorized a law that allowed all unauthorized armed organizations to negotiate with the State. The law calls for Colombia's "peaceful dismantling of criminality" and seeks "total peace."
Oil firms now have two additional responsibilities. First, their profits will be taxed between 35 and 60 percent depending on the price of crude oil in the world, and they will no longer be able to deduct the royalties they pay to the regions where they exploit resources from their taxes.
The tax also increases on canned beverages, chocolate, cereal, sauces, pastries, and hamburger meat.
Taxes on corporate dividends were raised by 20%.
Furthermore, higher taxes on financial institutions and hydroelectric plants will cover 40% of their revenue. Petro also authorized