Governments of the countries belonging to the Pacific Alliance signed the completion of the negotiation of the multilateral convention to prevent the double taxation for pension funds

Colombia had two double taxation treaties, the first one with Spain, already approved by Congress through Act 1082 dated July 31, 2006, but pending favorable decision by the Constitutional Court about its constitutionality, and a second one with Chile, signed on April 19, 2007 and already presented to the Congress for its approval.

As of January 1st, 2008, the general statutory corporate income tax rate is 33%. Unless otherwise provided, all Colombian and foreign entities subject to income tax in Colombia, including Colombian branches of foreign companies are subject to this 33% rate.

Through the last major tax reform, contained in Law 1111 dated December 27, 2006 Congress decreased income tax rate to 33% as from 2008.

What are the key recent developments affecting doing business in your jurisdiction? The most remarkable legal development in Colombia is the Tax Bill, enacted on 27 December 2016...