On October 19th, 2016, the Minister of Finance of Colombia, Mauricio Cárdenas, presented to the Colombian Congress, a Tax Reform Bill, filed under number 178/2016, to be approved and then enacted by the Colombian President, Juan-Manuel Santos.
This tax bill was described as a Structural Tax Reform Bill. Its main goals are to fight aggressive tax planning, tax evasion and seek billions of Colombian Pesos in order to make up for the lack of revenues that Colombia stopped receiving from the oil industry.
It was described as a Structural Tax Reform. The text presented to the Chamber of Representatives of the Colombian Congress includes 16 sections with 311 articles, some modifying current articles and some are new provisions for the Colombian Tax Code (CTC).
Read the full article to find out more about the main provisions.