Changes have been proposed to the application of Net Worth Tax and CREE Surtax as introduced in the Colombia's draft Colombia Tax Reform Bill submitted to Congress in October. The proposed changes were published on 19 November 2014, and include varying net worth tax rates for individuals and companies (same rates applied in the initial draft), and increasing the rates and a lowering the threshold for the application of the CREE Surtax.
The following is a summary of the proposed changes:
Ne…