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Strengthening the tax administration and increasing penalties will reduce tax evasion.

Colombia - Taxation of cross-border M&A - KPMG Global

This windfall could help finance social and infrastructure investments, as well as part of the implementation costs of any future peace plan. Colombia can also make taxation greener, through introduction of a carbon tax, and fairer, by reducing generous personal income tax exemptions and deductions that benefit mainly wealthy taxpayers, notably as concerns high pensions and dividends, the Survey said. Photo: Ministerio de Hacienda de Colombia. The OECD also recommends an in-depth reform of the pension system to reduce old-age poverty and inequality.


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Around two-thirds of the elderly do not currently have any form of pension, while the minimum old-age income support is below the national poverty line. The state implemented additional reforms in , pushing its ranking even higher to 11th on the State Business Tax Climate Index.

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And the state is continuing this momentum. These changes continue the long-term changes in North Carolina.


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The top marginal income tax rate in North Carolina was 7. The corporate income tax rate will have fallen from 6.

2018 Income Tax Changes For Individuals (2018 Federal Income Tax Rules) (Tax Cuts and Jobs Act 2018)

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The Practicality of the Top-Down Approach To Estimating the Direct Tax Gap

Would you consider contributing to our work? On the other hand, the Reform establishes additional limitations to the deduction of payments abroad. Secondly, starting from the taxable year , certain taxpayers will be required to submit a country-by-country report, which will contain information on the overall allocation of income and taxes paid by the multinational group, together with indicators relating to their economic activity Global level.

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Said report must be sent in the means, formats, terms and conditions established by the National Government. It is important to be aware of the issuance of this regulation, as the wording of the Reform seems to indicate that the first country-by-country report should be submitted in In addition, the taxable event was extended to the following events:. On the other hand, as from , the discount of two VAT points on the acquisition or importation of capital goods is eliminated.

In any case, the discount of VAT paid on the acquisition and importation of heavy machinery for basic industries is maintained Article of the ET , which cannot be used concurrently with the aforementioned deduction. As regards to the national consumption tax, establishments that provide restaurant, cafeteria, bakery, greengrocers, etc. In addition, a special and simplified procedure was established for the declaration of conduct as abusive.

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Under this procedure, the DIAN may ignore the effects of abusive behavior, and re-characterize them, according to their true nature. For this purpose, a foreign entity will be considered as an ECE and will therefore be subject to the regime , if i it is controlled by one or more Colombian tax residents, under certain specific grounds established in the transfer pricing rules, and ii has no fiscal residence in Colombia.


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Finally, following the issuance of the Reform, it will be possible to penalize those taxpayers who, intentionally, affect their income tax by i omission of assets or an inaccurate declaration thereof; Or ii inclusion of non-existent liabilities. In all cases, the omitted, inaccurate or non-existent value must exceed SLMV. In addition, it will also be punished criminally i those responsible for the national consumption tax that do not record the sums collected within 2 months after the date set by the national Government; and ii those responsible for the national consumption tax and VAT, and withholding agents, who do not collect and collect the taxes to which they are bound.

The taxpayers of this tax are: i those who acquire fossil fuels, from the producer or importer; Ii the producer when making withdrawals for own consumption; and iii the importer when making withdrawals for own consumption.