VATupdate

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Tax reform approved

  • Eliminate the consumption tax applicable to the sale of immovable property
  • Add a VAT exclusion for cosmetic surgeries
  • Reintroduce Article 491 of the Colombian Tax Code, which expressly indicates that VAT paid on the acquisition of fixed assets generally cannot be treated as creditable input VAT
  • Establish three days per year in which there will be a VAT exemption for some products, provided the value does not exceed certain amounts
  • Require the Colombian Executive Power to deliver to the Congress a report on the effect of eliminating the VAT and replacing it with an 8% national consumption tax

Source EY

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