The Government introduced into Congress a fundamental tax reform bill that calls for an update to the whole tax system. The bill includes substantial amendments to important aspects that may affect foreign investment in Colombia as well as the taxation of Colombian residents, including individuals and corporate entities.
The proposed bill includes modifications to the following seven topics, along with introducing some OECD’s BEPS Action Plans innovative measures, the Government pretends to unify the corporate income tax, amplify the taxable base and rate of VAT and enlarge the number of individuals subject to income tax.
Posse Herrera Ruiz Tax Practice has prepared the following preliminary analysis of the main topics covered by the reform bill, which can be accessed through the following links:
- Corporate and other business Income Tax
- Taxation of Individuals
- Value added tax (VAT)
- Taxation of international transactions (inbound and outbound)
- Tax practice and procedure
- Taxation of non-for-profit organizations
- New direct taxes