Following several revisions, Colombia's Tax Reform Act (Act 1739) was passed by congress on 15 December 2014, and signed into law by President Santos on 23 December 2014. The Act includes measures concerning net worth tax rates, CREE tax and surtax rates, extension of the banking transaction tax, and penalties for non-disclosure or declaring non-existing debts.
Net Worth Tax - Individuals
The Net Worth Tax will apply through 2018 at the following rates for individuals with net worth excee…