Comprehensive Tax Reform: The Colombian Experience


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    Yemen in the s Klaus Enders. Macroeconomic Consequences of Remittances Ralph Chami. Islamic Banking Zubair Iqbal. Occasional Papers No. Learn about new offers and get more deals by joining our newsletter. Sign up now. Follow us. They are tied by contracts or administrative resolutions, or have been granted in exchange for investments. So taxpayers that have them are either protected contractually or protected by the constitutional principle of "Legitimate Trust".

    Pursuant to this principle, incentives that have been granted to taxpayers in exchange for making investments cannot be taken away from them until the term for which they were granted elapses. In addition, now that it seems that the war with the FARC will come to an end, tax incentives could be a way of attracting investors to agroindustry, infrastructure and other economic sectors whose involvement would be required to develop vast and rich geographical regions that have been isolated from the rest of the country for decades due to violence.

    If the corporate tax rate is coming down, filling the gap with a dividend tax seems to be a good idea, as it would be shifting part of the tax burden from the companies to its shareholders, provided that the combined rate is within acceptable levels. Together with reviewing Colombia's anti-abuse regulations in order to make them applicable, the commission proposed the adoption of rules to prevent base erosion and profit shifting.

    Colombia has already adopted some rules e. Controlled foreign company CFC regulations, taxation of indirect transfers, country-by-country reporting, just to mention a few, are yet not part of Colombian tax law, and their inclusion is being analysed by the Government. Together with increasing the tax rate, the commission has proposed eliminating several VAT exemptions.

    Despite the inflationary effects and how unpopular such a measure may be, increasing the VAT rate seems to be the only clear mechanism from which the Government may derive additional funds in the short term. In addition, the salaries that are paid by the Tax Office are not attractive. Granting the Tax Office the resources it needs to recruit and train personnel and to improve its IT capabilities is as necessary as the structural tax reform itself. Tax evasion is high in Colombia.

    Reducing tax evasion could be meaningful, and as productive as a structural tax reform itself. Jaime Vargas is the tax managing partner of EY Colombia, and leads its international tax services practice. Jaime has been advising companies on tax matters for almost 25 years. Jaime is a professor of tax planning in the tax prograduate program at Universidad Externado de Colombia. He has also lectured in tax prograduate studies at Universidad Javeriana and Universidad del Rosario.

    For many years, Jaime has been consistently recognised as one of the leading tax advisers in Colombia by specialised publications such as Chambers Law , International Tax Review , Euromoney and Which Lawyer , among others. This content is from: Italy. July 19 This content is from: India. May 29 This content is from: Sponsored.

    July 01 This content is from: Belgium. February 22 What should the tax reform look like? In a nutshell, the most relevant recommendations of the commission were to: Increase the income tax collections from individuals by lowering the minimum level of income required to become an income taxpayer and reducing or eliminating tax exemptions; It is unclear whether the additional taxes that low-income earners would contribute with are worth the administrative burden of their collection.

    Create a new "tax on business profits" to replace income tax and income tax for equality CREE ; Income tax was split in two taxes back in to solve an issue that surely could have been solved in a better way, and making the tax system more complicated without a valid reason, so unifying the two taxes into a single tax is the right thing to do.

    Eliminate tax exemptions applicable to companies; The experts' commission, the OECD and other organisations have concluded that exemptions granted by Colombian law are one of the main reasons why the burden on the rest of the taxpayers needs to be so high.

    Colombia Issues Draft VAT Regulations for Digital Business Platforms

    Adopt BEPS rules; Together with reviewing Colombia's anti-abuse regulations in order to make them applicable, the commission proposed the adoption of rules to prevent base erosion and profit shifting. And, finally, review and strengthen the Tax Office's auditing powers and capabilities. Share this article. This content is from: Italy Italy to cut tax burden.

    Comprehensive Tax Reform: The Colombian Experience Comprehensive Tax Reform: The Colombian Experience
    Comprehensive Tax Reform: The Colombian Experience Comprehensive Tax Reform: The Colombian Experience
    Comprehensive Tax Reform: The Colombian Experience Comprehensive Tax Reform: The Colombian Experience
    Comprehensive Tax Reform: The Colombian Experience Comprehensive Tax Reform: The Colombian Experience
    Comprehensive Tax Reform: The Colombian Experience Comprehensive Tax Reform: The Colombian Experience
    Comprehensive Tax Reform: The Colombian Experience Comprehensive Tax Reform: The Colombian Experience
    Comprehensive Tax Reform: The Colombian Experience Comprehensive Tax Reform: The Colombian Experience

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