The Fourth Commission voted 9-4 against the Government’s Financing Law, aimed at raising COP 16.3 trillion, effectively sinking the bill and prompting a potential budget freeze for 2026.
Colombia’s Senate announced that its Fourth Commission voted down the government’s proposed 2026 tax reform during the third joint session of Congress’s Economic Commissions, with 4 votes in favour and 9 against.
This announcement was made on 9 December 2025.
The Government’s Financing Law, aimed at raising COP 16.3 trillion in various taxes from 2026, was rejected in the third joint session of the Congressional Economic Committees.
With the law defeated, the Government is expected to issue a budget freeze decree, as the General Budget approved by Congress totals COP 546 trillion, while only COP 530 trillion are available for 2026.
Senators from the Historic Pact defended the bill, arguing it would not create new tax burdens and aimed to recover public debt. Opponents, including members of the Conservative and Liberal parties, criticised the government for unspent funds and excessive spending.
Earlier, Colombia’s Ministry of Finance submitted a tax reform bill to Congress outlining several measures for the 2026 budget on 1 September 2025.
