With the enactment of the Law 1739 of December 23, 2014, the Tax Code and the Law 1607 of 2012 were amended. Here are the most significant points of the Law.
I. Wealth (equity) Tax
Tax Payers: Phisycal and legal (moral) persons and taxpayers of the Income tax. As well as the not residents phisycal persons in the country and foreign companies for their wealth owned directly or indirectly whitin the country. Entities that are in winding up process or have signed a concordat or reorganization treaty and phisical persons under insolvency regime are exempts of this tax.
Taxable event: Possession of wealth (gross assets less current liabilities) higher than 1,000 COP $ at January 1st, 2015.
Tax Basis: The value of the gross equity owned at January 1st, 2015, 2016 and 2017 less the current liabilities on those dates.
For 2015, the tax basis range in COP $ is as follows:
• Corporations Rate:
•Phisycal persons rate:
Accounting recognition: The obligation of recogning the tax is due on the 1st of January 2015, 2016 and 2017. For phisycal persons the obligation is due on 1st January 2015, 2016 , 2017 and 2018.
II. CREE Surcharge
It is created for the periods 2015, 2016 , 2017 and 2018 a surcharge to CREE by those taxpayers of the Income tax for equiality – CREE.
Tax event: taxpayers whose annual income CREE yield a profit equal to or higher than 800,000 millions of COP$.
Rate: It will be the result of applying the corresponding range table to the basis determined for CREE. For the tax period 2015:
The surcharge shall be subject to a payment in advance of 100 % of the value thereof, it will be calculated on the taxable base of CREE on which the taxpayer settled the aforementioned tax for the previous year.
III. Income Tax modifications
a) Rate for foreign companies: The income earned by foreign companies and organizations that are not attributable to a branch or to a permanent establishment for the years 2015-2018 shall be subject to the following rates:
b) Discount of the VAT paid on the purchase and imports of machinery for basic industries: The value of such tax may be deducted from the corporate income tax.
c) Discount of the VAT tax paid on the acquisition or importation of capital assets: two (2) points of such tax may be deducted from the corporate income tax.