Colombia introduces new turnover tax withholding requirements

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According to regulation DDI-052377-2016 of Bogota’s Tax Administration a new turnover tax withholding requirements has launched and it effective as from first January 2017. The new regulation provides the entities that have to act as turnover tax withholding agents on payments made as of first January 2017. The taxpayers those who are registered in the turnover tax regime have to withhold the turnover tax on payments made to taxpayers also registered in the turnover tax ordinary regime.

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