Sub-custody guide: Colombia
In December 2014 Colombia’s lower house passed a tax package
worth COP- 53trn ($22.3bn) to the government over the next four years. The tax
would mostly be raised from businesses, by extending and modifying existing
taxes that will expire at the end of the year.
Included in the taxes is an extension of a three-year wealth
tax that will raise COP12.5trn in 2015 alone, a separate profits tax on
businesses and a banking transaction tax.
The Colombian authorities seek to hold its markets to the
highest international standards, says Claudia Calderon, head of Colombia at BNP
Paribas Securities Services: “This is demonstrated by Colombia’s ambition to
becoming a member of The Organization for Economic Co-operation and Development
(OECD)”. Colombia is the first market in the Americas where investment
compliance by custodians has been mandated, says Calderon.
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