This year, particularly, the international prices of oil, coal and gold have been very high, corresponding to global situations, and that is an edge that Gustavo Petro’s government wants to monetize.
The Minister of Finance, José Antonio Ocampo, explained during the presentation of the tax reform that in the bill A 10% tax on extraordinary exports is proposed, on the proportion of the value of exports derived from an international price above the threshold.
According to the text of the reform, In the case of oil, the reference price will be 48 dollars per barrel, 87 dollars per ton of coal and 400 dollars per troy ounce of gold.
To get an idea of the magnitude of this tribute: today a barrel of oil is at $94.27, a ton of coal is at $355, and an ounce of gold is $1,774 an ounce.
It might be pointed out, for example, that Ecopetrol’s historical profits, resulting from the price of Brent oil above 100 dollars during almost the entire year, would end up paying a large part of this tax. Likewise, the gold exports of multinationals such as Mineros SA and Grancolombia Gold, among others.
5.87 billion pesos will come out of this tax in the first year, which represents 0.4% of the Gross Domestic Product (GDP) and almost a quarter of the additional collection sought with this reform.
Likewise, the government initiative proposes to limit the deduction of royalty payments from income tax clearance, since royalties do not correspond to an expense associated with the exploration of natural resources but to the consideration for the use of an asset. of the State. With this payment, according to the presentation delivered by the Minhacienda, “the companies in the sector compensate for the use of non-renewable natural resources of the Colombian subsoil that belong to the State.”
On the other hand, by way of compensation, the tax reform project proposes an internationalization plan so that companies can benefit from the 20% rental rate in free zones and not the 35%, which tends to increase exports of the productive segment that generates added value. Measure that, according to Ocampo, would promote the development of productive chains in non-traditional sectors, increasing productivity and competitiveness.