Petro administration initiates fifth tax reform attempt with two weeks remaining in term

The Colombian Petro administration has submitted a new tax reform bill to Congress, its fifth attempt, aiming to raise COP 21.9 trillion by 2027. This includes a confirmed proposal to increase VAT on hybrid vehicles from 5% to 19%. The passage of this legislation is highly uncertain given the administration's declining political capital and the limited legislative window before the presidential transition.