Colombia's Constitutional Court denied postponing royalty tax repayment to oil & mining companies, potentially causing a $1.7bn fiscal impact.

Colombia's Constitutional Court rejected the government's request to postpone paying back unconstitutional royalty taxes to oil and mining companies, adding pressure to adjust the nation's fiscal outlook. The court upheld a previous ruling that overturned a royalty tax ban, allowing companies to deduct royalties from their taxes. This decision may lead to a fiscal impact of $1.7 billion, forcing the government to consider a larger budget deficit this year.

May 28, 2024
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