The government plans to present a new bill to Congress this Thursday, proposing a provisional tax targeted at banks and the energy sector. This initiative was unveiled by the Minister of Finance, María Jesús Montero, during a session of the Financial and Fiscal Policy Council, known as CPFF. The move signals a deliberate shift in fiscal strategy aimed at broadening the tax base while defending economic growth amid a challenging global climate.
Montero expressed confidence that these taxes would not derail the economy, and she emphasized that the administration will vigilantly monitor the process to ensure that the burden from this substantial contribution by the banking and energy industries does not ripple out to consumers. The aim, she noted, is to protect households and businesses from sudden price increases while ensuring the state secures essential revenue for public services and investment without harming competitiveness.
Tackling critics who warn that any tax levied on businesses ultimately lands on citizens, Montero countered that a fair tax system requires joint responsibility. She pointed to the existence of corporate taxes as a mechanism to distribute the weight of fiscal adjustments across different sectors, insisting that a well-structured framework can coexist with strong corporate health and continued job creation. The minister’s remark underscores a broader debate about tax incidence and the safeguards necessary to prevent pass-through effects on prices and wages.
Reaction from banks and energy companies has been cautious and, in some cases, critical. Executives from these sectors have urged lawmakers to consider the potential impacts on investment, borrowing costs, and the pace of energy transition projects. In response, the government has reiterated its commitment to transparency and to a design that minimizes disruption while maximizing public benefit. In moments like these, the government emphasizes that the current environment requires a shared effort, with stakeholders aligning behind a plan that supports fiscal stability and long-term resilience. The CPFF meeting served as a platform to discuss how the anticipated 7,000 million in revenue over two years could be allocated to critical public services, infrastructure, and social programs, ensuring that the burden is managed in a way that does not destabilize growth or competitiveness.