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Colombia Seeks to Impose Capital Gains Tax on Retail Investors

Oct. 11 (Bloomberg) -- Colombian Finance Minister Mauricio Cardenas said he wants to include a capital gains tax on local retail investors in the stock market as part of tax legislation currently under debate in Congress.

“As it stands the exemptions are too broad, we don’t need such a generalized exemption from the capital gains taxes,” Cardenas said in an interview with Javeriana Radio today.

Cardenas said he will include a tax on profits above 1 billion pesos ($556,500) for local investors and 5 billion pesos for “professional traders.”

To contact the reporter on this story: Christine Jenkins in Bogota at cjenkins28@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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