Colombian Congress Approves Definitive Text of Tax Reform Legislation

The Colombian Congress has approved the definitive text of tax reform legislation, the "Social Investment Law", following the reconciliation of different versions approved earlier by the Chamber of Representatives and the Senate. Some of the main measures include:

• A new tax regularization (amnesty) regime with a complementary regularization tax rate of 17% for the reporting of undisclosed assets or claimed non-existent liabilities as on 1 January 2022, with the taxable base reduced by 50% i…