00:00Will property taxes go up? The Bogotá City Council has already approved the City Agreement.
00:05which brings more taxes for citizens, which will fall on property taxes, and on merchants
00:10through the ICA. After six plenary sessions and more than 55 proposals for
00:15By modifying articles, Bogotá will have new taxes. This Monday, the District Council
00:21He approved the remaining articles, thus giving the green light to the Mayor's second attempt.
00:26for approving a tax reform with which it hopes to raise 1.26 trillion annually for
00:32Generate formal employment, modernize street lighting, and improve tax collection.
00:36The now City Agreement mainly includes a surcharge on property taxes for homes
00:41of strata 4, 5 and 6, in addition to commercial, industrial, financial and institutional properties.
00:48The nominal ICA rate for financial activities was also increased from 14 to 21 per thousand.
00:54This represents a 50% increase over the current rate. The agreement also offers
01:00a 60% reduction on interest and penalties for taxpayers with outstanding obligations.
01:06The principal must be paid in full. However, approval of the text completes the process.
01:11The political controversy within the Council remains unresolved. Councilwoman Heidi Sánchez
01:16The Historical Pact has already announced that it will sue over the tax reform due to procedural flaws and
01:21in the background.
01:22Other measures that were taken here openly against the regulations were voted on articles
01:28in groups and as a bloc when they should have been voted on individually because they had proposals
01:35Additive, suppressive, or substitutive. This does not include the more than 99% that are micro and small.
01:46and medium-sized enterprises. Even by partnering with 50% of these SMEs, they wouldn't be able to invest.
01:54in order to even obtain the exemptions that are given to them for foreign investments.
02:01The text will now go to Mayor Carlos Fernando Galán's office for his approval and subsequent action.
02:06Publication as a district agreement. Since 2027, in Bogotá, owners, merchants and companies
02:13Some will pay new fees, while others will receive discounts and relief. What doubts do you have?
02:19Want to know more about this tax reform? Visit the Bogotá section of El Espectador to learn more.
02:24of this and other news.
