The Colombian tax authority (DIAN) has published Resolution No. 000164 of 27 December 2021, which regulates new rules regarding ultimate beneficial owners (UBOs) considering revisions made as part of the "Social Investment Law" approved in September 2021. The law provided for a revised definition of UBOs, with UBOs of legal entities defined as follows:
- a natural person who, acting individually or jointly, holds, directly or indirectly, 5% or more of the capital or voting rights of the legal…