New Colombian government proposes $5.76 billion tax reform to Congress

Colombia's new leftist government on Monday formally proposed a tax reform bill to lawmakers which would raise some 25 trillion pesos ($5.76 billion) in 2023 in an effort to increase revenue to fund anti-poverty programs.

Finance Minister Jose Antonio Ocampo said the bill would eventually add some $11.53 billion annually to government coffers, with revenue gradually climbing as parts of the legislation come into force.

The funds, raised by levying more charges on high-earning individuals and commodities, will be directed toward an ambitious agenda of social programs -- including anti-hunger efforts, free public universities and aid for elderly people without pensions. ($1 = 4,337.28 Colombian pesos)