Colombia MOF Posts Decree on Temporary Tax Measures During Declared Economic, Social, Ecological Emergency

The Colombian Ministry of Finance and Public Credit March 13 posted online Legislative Decree No. 0240, on temporary tax measures during the declared economic, social, and ecological emergency. The decree includes measures to: 1) implement temporary tax relief, including reduced penalties and late-payment interest for taxpayers who pay overdue tax and foreign-exchange obligations by April 30; 2) introduce a 19 percent complementary normalization tax on undeclared assets or nonexistent liabilities as of April 1; 3) expand the wealth tax to include permanent establishments (PEs) and nonresident entity branches with a net worth equal to or above 200,000 tax value units ...