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Fiscal Rescue Bill would raise VAT on electric and hybrid cars to 19%, making them 14% more expensive

FinanceColombiaEl Colombiano40 s readAI summary
Image: El Colombiano

The Fiscal Rescue Bill filed by the Ministry of Finance before Congress would eliminate the reduced 5% VAT rate for electric and hybrid vehicles and move them to the general 19% rate, a 14 percentage point surcharge for buyers. Electric vehicles currently pay 0% tariffs and HEV and PHEV models 5%, under Decrees 2051 of 2019 and 1116 of 2017. The bill also repeals Article 468-1 of the Tax Statute.

In 40 seconds

  • The Finance Ministry's bill eliminates the 5% preferential VAT rate for electric and hybrid vehicles and taxes them at the general 19%.
  • Buyers would face a direct surcharge of 14 percentage points of tax on the base value.
  • The initiative repeals Article 468-1 of the Tax Statute, which set a 5% rate for motors, batteries and chargers for electric mobility.
Read the full story at El Colombiano

IASummary generated by artificial intelligence from a story by El Colombiano. It may contain errors: the original source prevails.

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