Bogotá tax reform cuts ICA in 9 of 10 industries, targets $1.08T annual revenue

Bogotá's finance secretary announced a tax reform that reduces the ICA (industry and commerce tax) in nine of ten sectors while seeking to raise $1.08 trillion annually. The reform aims to accelerate city transformation, but details on which sectors face increases remain unclear. This signals a shift in local fiscal policy that could affect business costs and investment in the capital.