Dic 28 2014

2014 Tax Reform Act approved

On December 15th, 2014, the Colombian Congress enacted the 2014 Tax Reform Act (“2014 TRA”) that entered into force on December 23rd, 2014.

In this issue, Colombian_Tax_Flash® brings our readership a summary of the main changes that this reform brings regarding the following issues:

(1) Wealth Tax; (2) Equality (Income-Based) Tax – CREE; (3) Income Tax; (4) Statutory Foreign Tax Credits; (5) Special Return of Assets Held Abroad; (6) Bank Debits Tax; (7) Anticipated Termination of Tax Controversies; (8) Income Tax Deduction of VAT paid in the acquisition and Import of Capital Assets; (9) Acquisition and Permanent Importation of Heavy Machinery and Equipment; and (10) Tax on Gasoline and Diesel Fuel.

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