Tax
From The Report: Colombia 2014
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Featuring an interview with Cesar Cheng Vargas, president, Deloitte Colombia, this chapter explores recent changes to Colombia’s tax system implemented in 2013, touching on areas such as corporate income taxes and reorganisations, tax havens, capital gains taxes and value-added taxes, among others.

Articles from this Chapter

Overview

Taxing times: Reforms aim to reduce inconsistencies and address inequality
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In 2012 the Colombian government took a decision to reform the country’s tax legislation to adjust certain inconsistencies in the system. In particular, the tax reform proposed by the government aimed to accomplish the following five goals: Equality: As in any tax reform, the main goal of the 2012 changes was to obtain equality for all taxpayers, which translates into higher taxes for some people given their ability and resources to pay more, and conversely, to avoid taxing people that have less…

Analysis

Reviewing reforms: Assessing the most recent changes to tax legislation
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It has been just over a year since the tax reform embodied in Law 1607/12 was applied, and the results so far are not completely satisfactory. First, there is a feeling of deception among taxpayers in the sense that the objectives proposed by the state in the fourth quarter of 2012 were not adhered to by the government itself. Initially, the tax reform package was “sold” to the public as a way to reduce the tax burden by making the tax system more efficient. In practice, what taxpayers found…

Interview

OBG talks to César Cheng Vargas, President, Deloitte Colombia
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Interview:César Cheng Vargas What generally accepted accounting principles (GAAP) are currently in use in Colombia? CESAR CHENG VARGAS: Decree 2649 of 1993 defined the accounting standards (Colombian GAAP) for all enterprises in Colombia. However, in practice, the tendency of regulators and governmental entities to issue additional accounting standards necessary to perform their regulatory duties, as well as the frequent adoption of tax rules for accounting purposes, created confusion for…