New taxes in Colombia on heated tobacco, vapour products and combustible cigarettes are expected to bring in as much as COP1tn ($227.3m) annually, making their approval the top agenda item for president Gustavo Petro, according to legislators promoting the hiked levies.
The taxes form part of an ambitious legislative proposal being prepared that aims to tackle social inequality, sustain economic development, and stabilise government finances by reducing debt as well as the fiscal deficit.
