Taxes

New National Tax Proposal Would Collect COP$25 Trillion Extra in 2023, COP$50 Trillion Extra by 2026

Medellin Herald August 8, 2022

Colombia’s new Finance Minster Jose Antonio Campo on August 8 unveiled a 130-page tax proposal to the national Congress — aiming to boost tax collections by COP$25 trillion (US$5.8 billion) next year, then gradually increasing each of the following three years, hitting COP$50 trillion

Taxes

President Duque Signs Social-Fiscal Reform Legislation; Aids Poor, Students, Small Business; Boosts Taxes on Wealthier Sectors

Medellin Herald September 14, 2021

Colombia President Ivan Duque today (September 14) signed far-reaching tax and social-benefits legislation that promises to benefit more than 29 million poor- and middle-class Colombians — while also putting a heavier tax burden on wealthier individuals and corporations. Not only is the legislation progressive — contradicting some biased media reports and some

Taxes

Colombia’s Finance Minister Proposes COP$11 Trillion Corporate Tax Hike to Boost Subsidies for Poor, Workers, Youths, Businesses Hurt by Covid-19 Crisis

Medellin Herald July 14, 2021

Colombia Finance Minister José Manuel Restrepo on July 13 unveiled a COP$11 trillion (US$2.9 billion) tax hike on wealthier corporations in order to expand and continue subsidies to especially vulnerable populations economically slammed by the Covid-19 crisis. The proposal DOES NOT include any new taxes on middle-class people, nor does it boost the existing value-added

Taxes

President Duque Signs 2020 National Tax Law; Favors Lower-Income Groups, Jobs Growth

Medellin Herald December 28, 2019

Colombia President Ivan Duque on December 27 signed into law a new national tax bill that mainly helps lower-income people and incentivizes job growth in legal industries. The new law “seeks to continue promoting economic development and creates the basis for reducing inequality and closing income gaps in the country,” according to the official press […]

Taxes

Colombian Congress Approves 2019 Tax Law

Medellin Herald December 20, 2018

Colombia President Ivan Duque and Minister of Finance Alberto Carrasquilla on December 19 both hailed final votes in the Colombian House and Senate to approve a revised tax package for 2019. “The approved bill retains the initial spirit of protecting the most vulnerable population of the country and strengthening the collection through the taxation of […]

Taxes

Expat Taxes for USA 2016 Tax Year: Avoid Confusion

Medellin Herald February 1, 2017

Editor’s Note: The following column was written by IRS enrolled agent and chartered financial analyst (CFA) John Ohe of Hola Expat Tax Services. Medellin Herald does not specifically endorse the author’s opinion; this column is for general information only and should not be construed as personal tax advice. There is a lot of confusion among US expats […]

Taxes

Colombia Congress, President OK Tax-Reform Law; Could Boost Business Investment

Medellin Herald December 29, 2016

Colombia’s House and Senate on December 28 voted to approve a wide-ranging tax-reform law, which won immediate approval from President Juan Manuel Santos. The complete text of the new law is available here. The new law is expected to generate an extra COP$6 trillion (US$2 billion) annually for the national treasury — partially compensating for a […]

Taxes

Expats: You May Still Buy IRA’s, but Beware of Limitations

Medellin Herald December 28, 2016

Editor’s Note: The following column was written by IRS enrolled agent and chartered financial analyst (CFA) John Ohe of Hola Expat Tax Services. Medellin Herald does not specifically endorse the author’s opinion; this column is for general information only and should not be construed as personal tax advice. An Individual Retirement Account (IRA) is a popular and smart […]

Taxes

Colombia’s Tax Reform Proposal: Better for Business, Investment

Medellin Herald October 20, 2016

Colombia’s Home Minister (Ministro de Hacienda) Mauricio Cardenas on October 19 finally unveiled a long-awaited, 182-pages-long tax reform proposal that would bring business and investment taxes more in-line with international standards — and thus help Colombia attract more investment while creating more “formal” employment as well as more personal income taxes.