The Colombian government has announced a tax reform bill that includes changes for net worth tax and other changes.
The net worth tax will be applied to both individuals and legal entities with net worth exceeding COP 1 billion at the following rates:
- COP 1 billion to COP 3 billion - 0.4%
- COP 3 billion to COP 5 billion - 1.1%
- COP 5 billion to COP 8 billion - 2.0%
- Over COP 8 Billion - 2.25%
The tax would apply until 2019.
Other changes include:
- The current financial transactions tax rate…