LatinNews Daily - 14 October 2022

In brief: Colombia’s gov’t defends planned windfall taxes

* Colombia’s finance minister, José Antonio Ocampo, has defended plans by President Gustavo Petro’s government to introduce a windfall on surplus profits from oil and coal exports. Under the government’s tax reform bill, which was submitted to congress in August, oil and coal exports would face a windfall tax when the value of these exceeds a base level set by the national hydrocarbons agency (ANH), with companies to be taxed 10% on excess profits. Ocampo said that this would stimulate a shift towards renewable energy, which he said creates more jobs than fossil fuels. He also noted that coal and oil prices “are far above the average for the past 50 years,” saying that this justified the imposition of windfall taxes.

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