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Colombia Introduces a Variety of Amendments to their Tax Law
Law 1430 and Decree 4825 were issued on 29 December 2010, amending several Colombian tax regulations. Taxand Colombia highlights the most important changes that will affect multinationals with operations in this jurisdiction.
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The VAT rate applied on the mining and oil sector, changes to withholding tax, elimination of the financial transactions tax, liability are just a number of the regulations that have been amended. Another point to take note of is the tax credit regulations on dividends paid by foreign companies was amended, granting the possibility of taking a tax credit related to foreign corporation investments. However the tax credit will only apply with respect to dividends or shares paid as of as the date of the enactment.