Colombia floats windfall tax

Colombia has floated the idea of levying a windfall tax on new oil production contracts to help pay for fuel subsidies after soaring oil values undermined plans to deregulate prices by the end of the decade.

Mines & Energy Minister Hernan Martinez signalled that the Colombian government may delay plans to phase out the subsidies by at least one year amid the current situation of increasing consumer price inflation.

Martinez also said the government is considering plans to fund the subsidy with a windfall "contribution" on any new production contracts.

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