On August 8th, the Colombian Government introduced a new Tax Reform Bill to Congress. Lewin & Wills, our expert in the country is following up with all the developments regarding this matter. The firm has written a document presenting their experts’ general comments which can be accessed here.
Considering that this Tax Bill proposes several measures that may affect the tax burden of the taxpayers (individuals and companies) in different manners, we recommend calculating the possible tax impact of the Tax Bill using the current economic situation of the taxpayer and assessing the effects that the Tax Bill would have on the taxpayer’s concrete situation if it passes through Congress without any changes.
Also, partner Juan Andrés Palacios addressed the Colombian Congress to explain the impact of the Tax Reform Bill for the mining and energy sector. Specifically, Juan Andrés highlighted the disadvantages that the prohibition of the deductibility of royalties for the exploitation of non-renewable natural resources and the creation of the Tax on Exports of Oil, Coal and Gold would imply.