Colombian Tax Reform for Equality and Social Justice

Colombia has published Law 2277 of 13 December 2022, the law for "Tax Reform for Equality and Social Justice". The main measures of the law are summarized as follows:

• The standard corporate income tax rate is maintained at 35%;
• The tax rate for industrial and commercial companies of the State is set at 9%;
• A 5% surcharge/surtax (40% effective rate) is introduced on specified taxpayers with taxable income equal to or greater than 120,000 tax value units (Unidad de Valor Tributario - UVT) per…