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"All of them must take this rule into account for their income statement," says Guillermo Berrío of Crowe Colombia, an accounting firm that has been helping clients prepare.

Ocampo has been charged in the first instance with the completion of both a complex tax reform and a development plan by the end of the year.

In mid-November, the Banco de la República forecasted inflation to end both 2018 and 2019 at 3.3%.

Colombia’s National Oil Association argues that the court’s ruling does not touch a critical article of Colombia’s tax code, Article 107.

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.

"Corporates have been negatively affected by elevated interest rates in several countries and rising taxes," said Paula Bunn of Fitch Ratings.

"This report highlights the challenging environment that Colombian consumers are experiencing," says Bancolombia.

Protestors hit the streets to express their opposition to the tax reform, VAT increase, and minimum wage raise.

Rafael Pardo says the government wants to speed up private-sector investment in schools, health centers, roads, water infrastructure, and sanitation projects.