The Council of State of Colombia, which is the highest court for tax matters, reportedly issued a decision on 29 July 2021 that annuls an earlier ruling by the Colombian Tax Authority (DIAN) on whether interest payments on loans obtained for the acquisition of shares are deductible. In the ruling, which was issued in 2019, DIAN noted that expenses are generally deductible as long as they have a cause-effect relationship with income-producing activities and are necessary and proportionate. In …