Tax reform would impact up to $5 billion to Ecopetrol

This Thursday, the president of the state oil company, Felipe Bayón, explained that they have analyzed the impacts that the tax reform could have. According to the leader, of the $25 billion collected by the government, between $4 and $5 billion would be provided by Ecopetrol.

(Read: The Government’s oil policy tombs Ecopetrol’s action in the BVC).

This taking into account that some of the government’s proposals include a tax on extraordinary oil exports, non-deductibility of royalties, taxes on dividends and others.

Now, in recent days, the president of the Colombian Petroleum Association, Francisco José Lloreda, warned that the government’s proposal regarding the Free Zones could put at risk the financial viability of exploitation projects on the offshore. In this regard, Bayón pointed out that “we believe that they will be able to develop.”

(Also: Why Colombia can lead energy transition in Latin America).

However, he pointed out that they have approached the Government to propose changes to the reform and so far they have seen a great receptivity.
One of the proposals that have been presented to the Ministry of Finance has been that foreign sales of each barrel are not taxedbut a surtax is applied to the income of the sector.

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