ITR Global Tax 50 2022: Gustavo Petro
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ITR Global Tax 50 2022: Gustavo Petro

President of Colombia


Colombia’s first left-wing president in decades, Gustavo Petro has secured ambitious tax reforms to raise revenue for social programmes. He made history with his victory in the June 2022 election and has spared no time on reforming the tax system.

Not even six months into the job, Petro has set out plans to raise capital gains tax from 10% to 15% and impose a 5% surtax on top of a 35% corporate tax rate. This is alongside the OECD’s pillar two minimum effective rate of 15%.

The 5% surtax applies to certain sectors such as financial services and insurance. It would hit stockbrokers earning more than Col$4.7 billion ($989,000). At the same time, the tax plan would impose a temporary tax of 1.5% on equity of more than Col$5.7 billion from 2023 to 2026.

The Petro tax plan includes a wealth tax on any net worth of more than Col$3.3 billion and a VAT extension to digital sales revenue.

However, the Petro administration faced protests in Bogotá, Cali and Medellín over its indirect tax measures – especially the surcharge of Col$200 per gallon of gasoline. Other indirect measures include taxes on sugar and plastic.

Meanwhile, credit agencies including Fitch Ratings doubt Colombia will be able to improve its rating, though its debt will likely remain stable. Petro may be raising revenue, but he’s also raising spending.

Global Tax 50 2022

Breaking down the entire 50 individually according to the impact they made would require too granular an approach. Each entry is in alphabetical order as part of categories, i.e. individuals, to make it simpler to navigate.

Industry figures
Tax authorities
Public officials
Noteworthy individuals
Vice president of global transfer pricing and tax disputes, Johnson & Johnson
Chair of tax policy group, BusinessEurope
Director and head of international tax for Meta Latin America
Head of transfer pricing, AstraZeneca
Executive vice president of global tax and treasury, Unilever
Global head of tax, Siemens
Chair of the taxation committee, USCIB
Chair of the tax committee at BIAC
Commissioner of the Canada Revenue Agency
Commissioner of SARS
Minister of Revenue, New Zealand
Former IRS commissioner
Commissioner of the State Tax Administration
Executive secretary of ATAF
Director of direct taxation, coordination, economic analysis and evaluation, European Commission
Minister of finance, budget and national planning, Nigeria
US president
Departing president of Brazil
Secretariat of the economy, Mexico
Acting Head of the Tax Policy and Statistics Division, OECD
Co-chairs of the UN Committee of Experts on International Cooperation in Tax Matters (UN Tax Committee)
Commissioner for the economy, European Commission
Minister of finance, Indonesia
Head of TIWB secretariat
Prime minister of Japan
US senators
Director-general of the Public Debt Management Office, Thai Ministry of Finance
Chair of the House Ways & Means Committee
Director of the OECD’s Centre for Tax Policy and Administration
Head of the GloBE unit, OECD
President of Colombia
Acting deputy director of the Centre for Tax Policy and Administration, OECD
Former director of the Centre for Tax Policy and Administration, OECD
Lord of Kingswood, UK
Minister of finance and corporate affairs, India
UK prime minister and chancellor of the exchequer
Chair of the Senate Finance Committee
Secretary of the US Treasury
CEO and global chairman, EY
Tax attorney, blogger and podcaster, Taxgirl
Former Uber lobbyist
Director of Tax Research UK
Director of Tax Policy Associates
CEO of Opportunity Green
Chief executive of Tax Justice Network
Acting director of TaxWatch
Former responsible tax lead at PIRC
Chief executive of Fair Tax Foundation
Director of the ICIJ
Principal analyst for CICTAR
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