On 11 December 2024, Colombian President Gustavo Petro’s proposed tax reform bill was rejected by the four economic committees of the Colombian Congress. As previously reported, the bill was submitted in September 2024 and included a new progressive corporate income tax, an extended surcharge (surtax) on financial entities, an increased minimum tax, and several other measures. The rejection of the tax reform follows Congress' rejection of the government budget for 2025. Further details on the future of the proposed tax reform will be published once available.