The changes of Colombian tax provisions were passed by the government in September 2014. The reform includes the provision for new tax on wealth which will be effective for tax year 2015 to 2018. The increase of the rate of surtax imposed on “equity income” at the rate of 9% is also effective for tax year 2015 to 2018.
The tax reform would remove the two point VAT reduction for the purchase of goods and services made by credit or debit cards or through a mobile banking service, which are generally taxed at a 16% general rate or a 5% rate depending on the type of transaction.
