Colombia Congress Approves Tax Reform Bill

Colombia Congress Approves Tax Reform Bill

Colombia

Colombia is heading in the right direction, say analysts, after Congress approved a modified tax reform bill Wednesday. The Bill seeks to reform and streamline taxes and promote investment. The Bill cuts corporate tax rate to 33% over three years from 38.5%, one of the highest levels in Latin America. Foreign companies will benefit from the abolition of a 7% levy on repatriating net profits. A new four-year annual assets tax of 1.2% (to fund military spending) will be levied on net assets of peo

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