Colombia's Congressional Economic Committees have voted in support of the tax change proposed by Iván Duque's government, a step that could impact the valuation of domestic cement producer Argos, according to a report by UBS.

The project, also known as social investment, targets an additional COP15.2bn (US$3.97m) to the state purse and UBS research expects a 35 per cent increase in corporate taxes and a 38 per cent in financial sector taxes. While the tax change is expected to improve Colombia's social and fiscal environment, UBS estimates a potential five per cent drop in Argos' valuation as a result of the increase in corporate taxes.

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