Petro Government Proposes 1.5% Tax on Digital Wallet Transfers to Boost Revenue

The Petro Government in Colombia proposes a 1.5% tax on digital wallet transfers to address budget deficits, impacting users of credit card and debit card payment systems.

• The Ministry of Economy announced a decree to impose a 1.5% tax on digital wallet transfers, aiming to boost state revenue amid a budget shortfall in Colombia.
• This proposed tax, classified as a tribute, could affect both natural persons and businesses utilizing digital payment systems, including transactions made via credit card and debit card.
• The initiative reflects ongoing fiscal challenges in Colombia, as the government seeks solutions to fund public services without exacerbating existing economic issues.