Oct 21 2014

2014 Tax Reform Bill introduced in Congress

On October 3, 2014, the Colombian Government introduced in Congress the 2014 Tax Reform Bill 134/14 (“2014 Tax Reform Bill”), proposing material changes to already existing taxes, introducing new taxes and proposing a criminal punishment for the non-disclosure of assets held by taxpayers. The Colombian Congress is currently considering this Tax Bill and faces the challenge of enacting it before the end of the year, in order for certain new taxes and modifications of already existing taxes to apply as of January 1st of 2015.

In this issue, Colombian_Tax_Flash® brings our readership a summary of the following changes that may be introduced by the 2014 Tax Reform Bill. (i) Wealth Tax creation, (ii) Bank-debits tax prolongation, (iii) New Regularization Tax for non-disclosed assets or non-existing debts, (iv) Criminal punishment for the non-disclosure of assets held by taxpayers; and (v) a 3% surcharge over the already existing C.R.E.E Tax.

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