Proposed tax reform changes
A new government took place in Colombia from August 2022 and perhaps inevitably, taxation will feature heavily in the proposed new agenda. The new government has already touted several new fiscal-related proposals. In 2021, Colombians were able to enjoy a ‘three-day holiday’ from VAT, where certain products were exempt from VAT. However, a repeat appears to be under threat from the new government as it looks to abolish the three-day reprieve. Amongst others, more social fiscal measures are proposed, including establishing a new tax for sugary drinks and certain processed foods; an increase in carbon tax emissions and the establishment of new environmental taxes, serving a distinctly new societal agenda. Tungsten Network is monitoring developments in Latin America and is committed to cascading meaningful e-invoicing developments in the country.