Colombia consults new tax haven list
The Ministry of Finance in Colombia has released a draft decree for public consultation, proposing a new list of 25 jurisdictions classified as non-cooperative due to their low or zero taxation (commonly referred to as tax havens). The deadline
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Colombia: National Tax Authority updates reporting requirements for 2025
Colombia’s National Tax Authority (DIAN) has updated rules for submitting certain tax information starting with the 2025 tax year. The changes, detailed in Resolution 000188 of 30 October 2024, expand the list of taxpayers required to report
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Colombia: DIAN proposes adjusted tax value unit for 2025
The Colombian National Directorate of Taxes and Customs (DIAN) has published a draft resolution proposing to adjust the tax value unit the Tax Value Unit (UVT) for 2025 at COP 49,799. Comments on this draft resolution opened for submission until
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Colombia issues ruling on taxation for non-resident entities with significant economic presence
Colombia’s tax authority, DIAN, recently issued Ruling 890 on 17 October 2024, offering guidance on several tax matters for non-residents with a significant economic presence (SEP) in Colombia. Earlier, on 27 November 2023, the Colombian Ministry
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Colombia: DIAN mandates certification for third-party debts under thin capitalization rules
The Colombian tax authority (DIAN) issued Ruling 803 of 23 September 2024, released on 1 November 2024, which provides guidance on the necessary certification of third-party debts for interest deduction purposes under the thin capitalization
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IMF: Labour Market Participation in Latin America
On 25 October 2024 the IMF launched the latest Regional Economic Outlook for the Western Hemisphere. A background paper to the report with the title Closing the Gap: Labor Market Participation in Latin America examined ways to increase labour force
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Colombia clarifies Significant Economic Presence rules under corporate income tax regulations
The Colombian tax authority (DIAN) has released new guidance on how companies should interpret the concept of Significant Economic Presence (SEP) under the country’s corporate income tax rules. In Ruling 713, issued on 28 August 2024, DIAN
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Colombia: Government to stand firm on 2025 budget value
Colombia's Finance Minister Ricardo Bonilla says that the proposed 2025 budget will remain at COP 523 trillion (approximately USD 123.9 billion) in an interview with Reuters on Tuesday, 17 September 2024. Earlier, Congress had refused to approve
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Colombia proposes tax reform with new progressive corporate tax, wealth tax changes
Colombia's Ministry of Finance presented a tax reform bill to Congress proposing several key changes to the country’s tax system on 10 September 2024. One of the main changes is a progressive corporate income tax based on the tax value units
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OECD: Report on Simplified Peer Review of Colombia under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Colombia under Action 14 of the project on base erosion and profit shifting (BEPS). Under BEPS Action 14, members of the OECD Inclusive Framework have committed to
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Colombia clarifies reporting obligations for overseas assets
Colombia’s National Tax Authority (DIAN) has clarified that overseas assets and shares held in a foreign company owned by Colombian companies must be reported in the tax return. The clarification was published in Opinion 100208192-628 of 2024
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Colombia offers interest, penalty relief for delayed returns and payments
The Colombian tax authority (DIAN) announced on 8 August 2024, that it is extending the deadline for submitting income tax returns of natural or similar persons, assets abroad, gasoline and diesel fuel, and withholding tax without interest and
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Colombia clarifies currency requirements for foreign branches of local companies
The Colombian tax authority ( DIAN) has issued Ruling 524 on 8 July 2024, which clarifies the currency regulations for foreign branches of Colombian companies. This ruling specifies that transactions conducted by foreign branches in currencies
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Colombia: DIAN clarifies tax incentives for ZOMAC zones in new ruling
The Colombian tax authority (DIAN) recently issued Ruling 531 on 10 July 2024, clarifying tax incentives for businesses in zones affected by armed conflict (ZOMAC). The ruling details reduced tax rates for new micro and small enterprises in ZOMAC
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Colombia proposes updates to electronic invoicing rules
Colombia's National Tax and Customs Directorate (DIAN) has issued a draft resolution aimed at updating and expanding the electronic invoicing system on 9 July 2024. The proposed changes would amend Resolution 165 of 2023, focusing on electronic
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Colombia issues resolution on international tax information exchange
Colombia's tax authority (DIAN) has released Resolution No. 000096 on 31 May, 2024, providing an update on the exchange of tax information with international jurisdictions. This resolution is key in assessing the cooperation of various nations in
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Colombia grapples with COP 27 trillion budget shortfall
Colombia faces a budget shortfall of COP 27 trillion (USD 6.9 billion) this year due to a sharp drop in tax collection. Tax collection plummeted 40.9% in April to COP 18.9 trillion (USD 4.83 billion), contributing to an overall shortfall of about
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Colombia: DIAN Increases e-invoicing audits due to extensive non-compliance
The Colombian tax authority (DIAN) has increased audits and inspections related to electronic invoicing (e-invoicing) due to widespread non-compliance with regulations. Under current tax laws, businesses that fail to issue or properly deliver
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