Colombian government passes major tax reform, including rate increases and new taxes

The Colombian government has passed a major tax reform package that introduces a temporary net wealth tax assessed on net equity on domestic and foreign legal entities, repeals the previously scheduled rate decrease for the income tax on equality (CREE for its Spanish acronym), introduces a CREE surcharge until 2018, and increases domestic law income tax withholding rates on cross-border payments, among other significant changes.
 
The tax reform law was signed by the Colombian President on December 23, 2014 and will take effect on January 1, 2015.

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By PwC, posted on Monday January 5, 2015
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