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Ongoing Customs Adjustment Procedure Initiated by the Colombian Tax and Customs Authority

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Ecopetrol (NYSE: EC) has received a Special Customs Requirement from Colombia's Tax and Customs Authority (DIAN) regarding Value Added Tax (VAT) on diesel fuel imports. The notice indicates DIAN's intention to issue an official adjustment assessment totaling COP 1.2 trillion, plus estimated interest of COP 0.5 trillion, covering imports from 2022 to 2024.

The company formally opposed the proposed adjustment on July 1, 2025, highlighting differing legal interpretations. Since January 2025, Ecopetrol has been paying VAT at 19% on diesel and gasoline imports while maintaining its right to challenge DIAN's interpretation.

Ecopetrol (NYSE: EC) ha ricevuto un Requisito Doganale Speciale dall'Autorità Tributaria e Doganale della Colombia (DIAN) riguardante l'Imposta sul Valore Aggiunto (IVA) sulle importazioni di gasolio. L'avviso indica l'intenzione della DIAN di emettere un accertamento ufficiale per un totale di 1,2 trilioni di COP, più interessi stimati per 0,5 trilioni di COP, relativi alle importazioni dal 2022 al 2024.

La società ha formalmente contestato l'accertamento proposto il 1° luglio 2025, sottolineando interpretazioni legali differenti. Dal gennaio 2025, Ecopetrol sta pagando l'IVA al 19% sulle importazioni di gasolio e benzina, mantenendo il diritto di contestare l'interpretazione della DIAN.

Ecopetrol (NYSE: EC) ha recibido un Requisito Especial de Aduanas por parte de la Autoridad Tributaria y Aduanera de Colombia (DIAN) relacionado con el Impuesto al Valor Agregado (IVA) sobre las importaciones de diésel. El aviso indica la intención de DIAN de emitir una liquidación oficial por un total de 1,2 billones de COP, más intereses estimados de 0,5 billones de COP, que cubren importaciones desde 2022 hasta 2024.

La compañía se opuso formalmente al ajuste propuesto el 1 de julio de 2025, destacando diferencias en las interpretaciones legales. Desde enero de 2025, Ecopetrol ha estado pagando el IVA al 19% sobre las importaciones de diésel y gasolina, manteniendo su derecho a impugnar la interpretación de DIAN.

Ecopetrol (NYSE: EC)은 콜롬비아 세관 � 세무 당국(DIAN)으로부� 디젤 연료 수입� 대� 부가가치세(VAT) 관� 특별 세관 요구� 받았습니�. 통지서에� 2022년부� 2024년까지� 수입분에 대� 1.2� COP� 공식 조정 평가와 0.5� COP� 추정 이자가 부과될 예정임을 명시하고 있습니다.

회사� 2025� 7� 1일에 제안� 조정� 대� 공식적으� 이의� 제기하며 법적 해석 차이� 강조했습니다. 2025� 1월부� Ecopetrol은 디젤 � 휘발� 수입� 대� 19%� VAT� 납부하면서도 DIAN� 해석� 이의� 제기� 권리� 유지하고 있습니다.

Ecopetrol (NYSE : EC) a reçu une exigence douanière spéciale de l'Autorité fiscale et douanière de Colombie (DIAN) concernant la taxe sur la valeur ajoutée (TVA) sur les importations de diesel. L'avis indique l'intention de la DIAN d'émettre un redressement officiel d'un montant total de 1,2 billion COP, plus des intérêts estimés à 0,5 billion COP, couvrant les importations de 2022 à 2024.

L'entreprise a formellement contesté ce redressement proposé le 1er juillet 2025, mettant en avant des interprétations juridiques divergentes. Depuis janvier 2025, Ecopetrol paie la TVA à 19% sur les importations de diesel et d'essence tout en conservant son droit de contester l'interprétation de la DIAN.

Ecopetrol (NYSE: EC) hat von der kolumbianischen Steuer- und Zollbehörde (DIAN) eine besondere Zollanforderung bezüglich der Mehrwertsteuer (MwSt) auf Dieselimporte erhalten. Die Mitteilung weist auf die Absicht der DIAN hin, eine offizielle Nachveranlagung in Höhe von 1,2 Billionen COP zuzüglich geschätzter Zinsen von 0,5 Billionen COP für Importe von 2022 bis 2024 zu erlassen.

Das Unternehmen legte am 1. Juli 2025 formell Einspruch gegen die vorgeschlagene Nachveranlagung ein und hob unterschiedliche rechtliche Interpretationen hervor. Seit Januar 2025 zahlt Ecopetrol die MwSt in Höhe von 19% auf Diesel- und Benzinimporte und behält sich das Recht vor, die Interpretation der DIAN anzufechten.

Positive
  • None.
Negative
  • Potential tax liability of COP 1.2 trillion plus COP 0.5 trillion in interest
  • Increased operational costs due to 19% VAT rate implementation since January 2025
  • Regulatory uncertainty regarding VAT interpretation on fuel imports

Insights

Ecopetrol faces potential $1.7T COP tax liability from Colombian authorities over fuel import VAT interpretation dispute.

Ecopetrol has been hit with a significant tax dispute that could materially impact its financial position. The Colombian Tax and Customs Authority (DIAN) has initiated an adjustment procedure related to Value Added Tax on diesel fuel imports, proposing a COP 1.2 trillion adjustment and penalty, plus an estimated COP 0.5 trillion in interest - totaling approximately COP 1.7 trillion (roughly $425-450 million USD at current exchange rates).

The heart of this dispute centers on differing legal interpretations regarding VAT obligations on fuel imports between 2022-2024. While Ecopetrol has formally opposed DIAN's assessment, the company has already implemented a pragmatic risk mitigation strategy by paying VAT at the 19% rate since January 2025, aligning with DIAN's interpretation while preserving their right to challenge it.

This represents a previously undisclosed contingent liability that investors should monitor closely. The magnitude is substantial even for Colombia's largest energy company. The company's decision to proactively pay the higher rate while disputing the assessment suggests they're taking a measured approach to regulatory compliance while contesting what they believe is an incorrect interpretation of tax law.

As Colombia's dominant energy player responsible for 60% of the country's hydrocarbon production, this tax dispute carries broader implications for Colombia's energy sector and potentially for government revenue collection policies on fuel imports going forward. The outcome of this regulatory challenge could establish important precedents for how VAT is applied to the energy sector in Colombia.

BOGOTA, Colombia, July 2, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the "Company" or "Ecopetrol") reports that, on June 3, 2025, the Colombian Tax and Customs Authority ("DIAN") notified Ecopetrol of Special Customs Requirement No. 525, in accordance with its interpretation of the law and pursuant to the applicable customs procedures. In this notice, DIAN announced its intention to issue an official adjustment assessment related to the Value Added Tax (VAT) on the import of diesel fuel (ACPM), and a penalty. The total amount of the proposed adjustment and penalty is COP 1.2 trillion, plus estimated interest of COP 0.5 trillion as of the date of the notice. This adjustment and penalty cover imports from 2022 to 2024.

Ecopetrol submitted its response to the notice on July 1, 2025, formally opposing the proposed tax adjustment and the penalty. DIAN's notice and Ecopetrol's response showed the difference in legal interpretations between DIAN and the Company.

Considering that DIAN has decided to apply its regulatory interpretation, Ecopetrol has been making VAT payments on the import of diesel and gasoline at the 19% rate since January 2025. It is important to note that these payments do not affect Ecopetrol's right to challenge DIAN's interpretation at the appropriate time and before the relevant authorities.

Ecopetrol reiterates its commitment to fully comply with its tax and customs obligations and will respect the decisions issued by the competent authorities when resolving this matter.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the Company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

Head of Capital Markets (a)
Daniel Alexander Hurtado
Email: [email protected]

Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: [email protected]

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SOURCE Ecopetrol S.A.

FAQ

What is the total amount of tax adjustment and penalties DIAN is seeking from Ecopetrol (NYSE: EC)?

DIAN is seeking a total of COP 1.2 trillion in tax adjustments and penalties, plus an estimated COP 0.5 trillion in interest for imports from 2022 to 2024.

How has Ecopetrol responded to DIAN's Special Customs Requirement No. 525?

Ecopetrol formally opposed the proposed tax adjustment and penalty on July 1, 2025, citing differences in legal interpretation with DIAN.

What changes has Ecopetrol implemented regarding VAT payments since January 2025?

Ecopetrol has been paying 19% VAT rate on diesel and gasoline imports since January 2025, while maintaining its right to challenge DIAN's interpretation.

When did DIAN notify Ecopetrol about the Special Customs Requirement No. 525?

DIAN notified Ecopetrol about the Special Customs Requirement No. 525 on June 3, 2025.

What period does DIAN's tax adjustment assessment cover for Ecopetrol?

The tax adjustment assessment covers Ecopetrol's imports from 2022 to 2024.
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