LatinNews Daily - 29 June 2022

In brief: Colombia’s Petro promises tax reform ‘this year’

* Colombia’s left-wing president-elect, Gustavo Petro, has said that he intends to pass a redistributive tax reform “this year” as “reforms have to be carried out in the first year or they don’t happen.” In an interview with Spanish daily El País, Petro said that “this reform will not hit the pockets of the people, but the privileged classes,” criticising the fact that “a banker pays proportionately less tax than the secretary in his office.” Petro also expanded on several other aspects of his economic agenda, saying he would provide loans to boost productivity for small-scale farmers and businesses. Having previously said that he would impose a ban on new oil exploration, Petro said in the interview that “big capital that affects the environment, like the fossil fuel economy and hydrocarbon extraction, doesn’t have a future with us – it will do if it sides with the peasantry and pays taxes.” Petro takes office on 7 August, when he will become the first left-wing president in Colombia’s history.

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