On December 15, 2014, The Colombian lower house of Congress approved a tax reform that is take effect from first January 2015. The changes include a new wealth tax, surtax on the CREE, anti-evasion rules and levy to financial transactions.
New wealth tax
The new wealth tax would apply from 2015 to 2017 for domestic and overseas companies that hold any wealth in Colombia. The wealth tax rates are- 1.15 percent for 2015, 1 percent for 2016, and 0.4 percent for 2017. For individual tax payers would range from 0.20 percent to 1.5 percent until 2018.
Surtax on the CREE
It was created to support the Colombian Institute of Family Welfare and National Learning Services with a general tax rate of 9 percent. The surtax would be on profits above 800 million pesos with a rate of +5% for 2015, +6% for 2016, +8% for 2017 and +9% for 2018.
Anti-Evasion new rules
According to the reform, taxpayers who skip assets or declare non-existing debts could face punishments as 9 years in prison along with 20 percent of penalty over the value of non-disclosed assets.
Levy to financial transactions
The 0.4 percent charge will continue on any banking transaction until 2019 and then would be decreased until 2022.
