Lawmakers on the tax reform meet today in Congress to advance the ponencia aiming to finance $16.3 trillion of the 2026 National Budget. The elimination of the fuel tax would be consolidated, while levies on alcohol, tobacco, and other sectors are adjusted. Coordinator Olga Lucía Velásquez warns of an unpropitious political environment for debate.
On November 13, 2025, at 8:00 a.m., the presidents of the Joint Third and Fourth Economic Commissions, Wilmer Castellanos and Jairo Castellanos, called the 46 designated congress members to study and present the report on the Financing Law project. Coordinators include John Edgar Pérez (Cambio Radical), Luis David Suárez (Conservative Party), Alexander Bermúdez (Liberal Party), Gloria Elena Arizabaleta (Historic Pact), José Eliezer Salazar (U Party), Olga Lucía Velásquez (Green Alliance), and John Jairo González (Association of Displaced from Briceño Municipality). Ponentes include Gloria Liliana Rodríguez (Green Alliance), Jorge Méndez (Cambio Radical), Yenica Acosta (Democratic Center), Libardo Cruz (Conservative Party), Gilma Díaz (Liberal Party), Gildardo Silva (Historic Pact), Jairo Reynaldo Cala (Common Party), and Hernando Ponce (U Party), along with Third Chamber Commission members like Saray Robayo, Jorge Bastidas, Kelyn González, and Carlos Arturo Vallejo.
The Ministry of Hacienda aims to raise $16.3 trillion for the $546.9 trillion 2026 Budget, after cutting the initial $26.3 trillion project by $10 trillion. The fuel tax elimination would be consolidated, contributing $2.6 trillion, targeting $4.1 trillion from alcohol and tobacco, $2.2 trillion less than the original $7.8 trillion proposal. The wealth tax would maintain its target, and the structure for natural persons would be reviewed, dropping to $215 billion from $923 billion.
Other adjustments include raising the digital platforms tax from 3% to 4.5%, progressive IVA on low-value imports (9% in 2026, 19% in 2027), expansion of tobacco tax to vapes and e-cigarettes with annual inflation adjustments. In gastronomy, the consumption tax rises to 4% in 2025, 5% in 2026, and 6% in 2027. For hotels, IVA exemption applies to services in municipalities with under 200,000 inhabitants for four years, with refund rights.
Olga Lucía Velásquez stated: 'There is no propitious political environment for the project's discussion.' She suggested prioritizing the economic reactivation plan (2025 Bill 031), targeting $5 to $6 trillion, starting debate next Tuesday. IVA levies on games of chance, tourism services, and spectacle entries remain.