Through Bulletin 46, the Ministry of Finance announced the filing of the report for the first debate of the tax reform bill “Economic Growth Law”. This text includes specific measures that, according to the Government, would help both the middle class and the most vulnerable. “The Ministry of Finance announced the filing of the report … Read more
The 2019 tax reform proposal contemplates the creation of a sales tax -VAT- compensation mechanism in favor of the most vulnerable population. Upon reviewing the regulations, it is evident that such proposal has some structural gaps for its implementation. After the study and discussion of the report presented by the Government on the 2019 tax … Read more
The tax reform bill or Economic Growth Law was approved in the early morning of Friday, December 20. It will now pass to presidential sanction. Learn about the package of measures to which Colombians will have to pay attention as from January 1, 2020. The law has 152 articles and from the Government’s point of … Read more
Households in poverty and extreme poverty levels will be identified through Sisbén. A selection will be made by territorial entities, giving priority to departments and municipalities according to poverty concentration levels, total population and coverage of social programs. Through a draft decree, the Ministry of Finance seeks to regulate the VAT refund mechanism for the … Read more
The Minister of Finance, Alberto Carrasquilla, recently stated in Dinero that the Tax Statute -ET- must be modified and that the country’s tax issues must begin to be discussed next year as part of the strategy to achieve economic recovery. “Colombia must stop having a ‘poor country’ Tax Statute, since the rebound of the economy … Read more
For many, the exemptions available to companies should be reviewed and redesigned. They also add that the Government is thinking of solutions that imply less effort, and one of them is the VAT on the family basket. It is expected that in the first semester the tax reform will be debated. Fiscal and social reform; … Read more
Some of the recommendations of the analysts who participated in the Commission of Experts on Tax Benefits have already been made public. Although it is expected that the recommendations of the Commission of Experts on Tax Benefits will be known by the middle of the week, the articles of the new tax reform bill will … Read more
At the request of the congressmen, the Ministry of Finance made this decision. It seeks to raise 25 billion pesos. The Ministry of Finance informed that at the request of the congressmen, the tax reform, which will be presented under the name of Sustainable Solidarity Law, will be filed in the Congress of the Republic … Read more
The number of taxpayers will increase, as well as the ceiling to pay income; it would be from 2.5 million pesos per month. No additional food will be taxed with VAT in addition to those already taxed. Elimination of exempt income, deductions, tax discounts and preferential rates as of 2023. On March 24, 2021, the … Read more
Fedesarrollo proposes to maintain the 19% rate and gradually raise to 8% the goods currently exempted, excluded or taxed at the differential rate of 5%. The entity also indicates that the current VAT scheme could be replaced by a consumption tax scheme under a single rate of 8%. Much of the low productivity and efficiency … Read more
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