The Colombian justice system dealt a major blow to President Gustavo Petro by ordering the return of funds collected under an economic state of emergency deemed unconstitutional.
The Constitutional Court has invalidated this exceptional measure, decreed in January, which had allowed the government to raise approximately 11 trillion pesos (nearly $3 billion) to finance part of the national budget. As a result, the amounts already collected must be reimbursed.
According to a source close to the tax authorities, approximately 1,67 billion pesos (nearly $467 million) had actually been collected through these measures. This decision could therefore have a significant impact on public finances.
The state of economic emergency allows the government to make decisions by decree without prior parliamentary approval. Within this framework, several tax measures were adopted, including a tax on high levels of liquid assets, a specific tax on the financial sector, and an increase in taxes on certain goods and services.
This legal setback comes at a politically challenging time for Gustavo Petro, who is facing difficulties in Congress, where several of his tax reform projects have failed to gain the necessary support.
The Constitutional Court's decision underlines the limits of the government's exceptional powers and could force the executive to review its budgetary strategy in a tense economic and political environment.
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