Colombian Tax Reform

With the purpose of channeling social expenditure to thrive for equality and social justice, as well as consolidating the fiscal adjustment, on December 13 2022, the National Congress approved the tax reform proposed by the new government of Colombia.

This reform alters the income tax applicable to individuals and entities, modifies the carbon tax, and creates taxes on single-use plastics, sugary drinks and ultra-processed foods. Additionally, it includes a series of measures to counteract tax evasion and avoidance, among others. Most changes introduced will enter into force as of January 1, 2023.

the following topics will be developed in our newsletter:

• Corporate income tax.
• International Tax.
• Individual income tax.
• Wealth tax.
• Penalty Regime and Institutional Strength Measures.
• Other measures.