The cascade of taxes left by the economic emergency declared by the Government
A new cascade of decrees fell like a bucket of cold water for Colombian entrepreneurs. On Thursday night, the National Government published ...
TL;DR
- The Colombian government has published seven decrees that reintroduce taxes previously rejected by Congress or suspended by the Constitutional Court.
- The financial, mining-energy, and gambling industries are particularly affected by these new measures.
- A wealth tax for legal entities is reintroduced, with differential rates for specific sectors and companies with significant net worth.
- A new 16% national consumption tax is imposed on online gambling operations, calculated on gross revenue.
- The decrees also include temporary tax relief measures, offering reductions on interest and penalties for overdue tax, customs, and foreign exchange obligations.
- A temporary tax normalization levy of 19% is introduced for individuals with hidden or undervalued assets.
- The government has also approved an addition of $8.6 trillion COP to the National General Budget, with funds allocated to various ministries and disaster relief agencies.
- Measures are being implemented to ensure the supply of electricity and gas in emergency-affected areas, including the suspension of gas payments for affected users and payment facilities for lower-income households.
- Affected departments are granted fiscal, financial, and budgetary flexibility, including the ability to modify resource allocation and take out loans.
- The National Guarantees Fund and Agricultural Guarantees Fund will back up to 90% of new loans for affected individuals and businesses.
- The Department of Social Prosperity (DPS) will implement measures to expand food assistance, including extraordinary monetary transfers and support for food access and productive unit recovery.
- The procedure for refunding VAT and National Consumption Tax paid by diplomats and international organizations has been updated.