Taxation in Colombia

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As previously reported by CCN, the Superintendencia de Sociedades, an organization associated with the Colombian Ministry of Commerce, has in the past announced that digital currencies aren’t allowed in Colombia, including bitcoin. The only valid currency in the country is the peso.

The leader of the Revolutionary Armed Forces of Colombia (FARC) ordered an end to its decades’-old “revolutionary tax” on local businesses in parts of Colombia under its control.

Tax collection in Colombia rose 10.9 percent in January compared to the same month a year earlier and appears to be as yet unaffected by the global fall in crude prices, the head of the tax agency said late on Monday.

Colombia’s Congress has approved a polemic wealth tax meant to increase revenue for the government that — faced with dropping oil prices — is more than $5 billion short of closing the 2015 budget.

Colombia’s Senate has approved a tax package aimed at covering a 12.5 trillion peso ($5.2 billion) budget deficit in 2015, watering down a wealth tax that business leaders had said would stymie investment.

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