- Colombia’s Constitutional Court ruled President Petro’s emergency tax decree unconstitutional, blocking his attempt to impose a 19% VAT on online gambling and other sectors via executive action.
- The government must now seek Congressional approval for any future gambling taxes.
- The blocked decree would have raised $3.1 billion and included new taxes on crypto deposits, luxury items, and financial institutions.
- The 19% VAT on online gambling caused a 30% drop in gross gaming revenue and reduced healthcare funding from gambling proceeds.
- The court’s decision comes less than seven weeks before the presidential election.
Source: news.bitcoin.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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