May 06, 2021 What to expect from Colombia’s proposed tax reform?

On May 06, 2021, Carolina Cañon and Eric Thompson, partners from the law firm Cañon & Cañon Abogados discussed the current state of the Colombian tax reform which was withdrawn by the President of Colombia earlier in the week following five days of protest. Despite this setback, it is clear that a new draft of a tax reform will be presented to the Colombian congress in the upcoming weeks.

They addressed the key points that they think the Colombian government will focus in this new version: re-introduction of a wealth tax, an increase in the taxation of dividends paid by domestic companies, a temporary taxation regime for high salaries, and the introduction of a new tax amnesty (“Impuesto de normalización”).

The representatives from UBS, Fabien Helley and Andres Turbay from Wealth Planning Latin America based in New York and Zurich -respectively- participated in the event and moderated questions from the audience.