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Ana Mária Cadena presents tax reform to modernize Bogotá's infrastructure and attract private investment

Secretary of Finance Ana Mária Cadena presented a tax reform project to the Bogotá City Council aimed at modernizing the city's infrastructure and enhancing its economic competitiveness. The proposal, known as the City Intelligent Project, includes a modernization of public lighting using LED technology and telegestion systems. To fund these improvements, the administration announced surcharges on property taxes and the Industry and Commerce Tax (ICA). The reform seeks to attract $78.3 billion in new private investments and generate 215,000 jobs over the next decade. It includes incentives for urban renewal, specialized housing, and the recovery of historical buildings. Additionally, the administration announced a 50% reduction in interest and fines for taxpayers who settle outstanding debts by December 18, 2026. The project was developed following discussions with trade unions and the District Council. While some councilmen requested specific commitments on technology and security, the administration announced the inclusion of the 50% tax relief to facilitate debt recovery and simplify the tax system.

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