Colombia President Abelardo de la Espriella proposes eliminating wealth tax

President Abelardo de la Espriella has announced plans to eliminate the wealth tax as part of a structural reform to the Colombian tax system. During his inauguration speech on August 7, the president stated that the reform aims to simplify the fiscal structure, combat evasion, and create more favorable conditions for investment, production, and job creation.

The proposal seeks to move away from taxing accumulated wealth directly, arguing that the current system penalizes those who invest and generate wealth. While the specific wealth tax would be removed, the government clarified that this does not exempt individuals or companies from other taxes related to properties, shares, or other assets.