Company annual reports and official statements

Colombia Court Upholds Ruling on Royalty Tax Deductions, Rejects Petro's Plan

May 28, 2024, 11:32 AM

On May 28, Colombia's Constitutional Court upheld a ruling allowing oil and mining companies to deduct royalties from their taxes. The court denied a proposal from the finance ministry to modify the ruling, which had previously struck down a ban on such deductions. This decision rejects President Gustavo Petro’s plan to delay the refund of these royalty taxes. The ruling is seen as a significant development in the ongoing debate over tax policies affecting the oil and mining sectors.