A previous update reported the controversy surrounding a provisional tax of 0.002% on financial transactions created in 1998. However, the government has introduced a permanent tax on financial transactions within a recent fiscal reform. This tax must be paid by the users of the financial system and organizations that conform to it. The tariff of the tax is 0.003%.

Most sectors of the economy consider this a regressive tax affecting the savings levels of the users of the Colombian financial system and stimulating transactions outside this.

For further information on this topic please contact Juan Carlos Duran at Holguin Neira y Pombo Abogados by telephone (+57 1 312 2473) or by fax (+57 1 312 2513) or by e-mail ([email protected]).

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