Colombia Enacts Major Tax Reform including New VAT and Corporate Tax Rates and BEPS Measures
On 29 December 2016, Colombian President Juan Manuel Santos signed Law No. 1819 of 2016, which includes the country's final tax reform measures following the reconciliation of separate versions approved by the Chamber of Representatives and the Senate last week. Some of the main measures include:
- The CREE tax and CREE surtax are eliminated;
- The overall corporate income tax rate is reduced to 3…