In an attempt to reduce the State’s deficit, the Government introduced a new Tax Bill before Congress. The objective is to increase the collection of taxes in the amount of 3.8% of the GIP. Amongst the measures currently contemplated by the Bill are the following:
(I) Financial Transactions Tax ("Gravamen A Los Movimentos Financieros"):
This tax will apply to the performance of financial transactions for the disposal of cash deposited in savings or current accounts or with the Banco de la República as well as for the issuance of cashiers checks ("cheques de gerencia"). The rate of the tax will be 3x1000.
Some financial transactions will remain exempted such as the transfers between current accounts of a same bank and of a same holder, the inter-banking credits under certain conditions, the currencies sale and purchase transactions performed by the stock exchange brokers under certain conditions.
(II) Income Tax
(III) Value Added Tax:
(IV) Customs Tariffs:
Special customs tax of 1.2% calculated on the FOB value.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
