On 28 December 2018, Colombia enacted Law No. 1943, which includes several important tax reforms. Some of the main changes include:
- The standard corporate tax rate is reduced from 33% to:
- 32% in 2020;
- 31% for 2021;
- 30% for 2022;
- The 4% surcharge on corporate income is abolished with effect from 2019;
- For financial institutions with taxable income of more than 120,000 tax units, a separate tax rate is introduced:
- 37% for 2019;
- 35% for 2020;
- 34% for 2021;
- The presumptive income tax rate is…