Colombia Tax News
Major tax reform Bill presented to Congress
Treaty between Columbia and Spain ratified
Tax reform plan announced
Details of the first-time income and capital tax treaty and protocol between Spain and Colombia, signed on 31 March 2005, have become available. The treaty was concluded in the Spanish language and generally follows the OECD Model Convention.
It is reported that the government intends to reduce the corporate income tax rate, and to abolish the 7% surtax on income remittances abroad (other than dividends). A tax reform bill to reduce corporate income tax rates is expected to be introduced in November 2005.
On 3 August 2005 Brazil approved the protocol to the Belgium-Brazil income tax treaty of 23 June 1972, signed on 20 November 2002. Under the supplementary treaty, the maximum rates of withholding tax are:
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