Colombia Congress Considers Financing Bill

The Colombian Congress Sept. 10 accepted for consideration Bill No. 300/2024C, the Financing Bill. The bill includes measures to: 1) gradually reduce the corporate income tax rate to 27 percent from 35 percent, depending on the size of the company, not applicable to coal and oil sectors; 2) increase the minimum income tax rate for applicable sectors to 20 percent from 15 percent; 3) reduce the wealth tax threshold on taxable events to 40,000 Tax Value Units (UVT) from 72,000 UVT, which approximately equals a reduction to 1.8 billion Colombian pesos (US$419,471) from 3.3 billion pesos (US$784,878); 4) increase the ...