Colombia Approves Incentives Package to Support the Tourism Industry

Colombia's National Congress has approved Law 2068 of 31 December 2020, which includes a package of measures to support the tourism industry and to provide for the conservation and protection of tourist destinations in Colombia. Tax-related measures of the law include:

• The extension of the reduced 9% corporate tax rate for qualifying companies in the hospitality and tourism sector with certain relaxed conditions, including:
  • for services provided in renovated or new hotels built before 2031 …