Update - Colombia's Revised Tax Reform Package Extends 3% Surtax for Finance Institutions

As previously reported, the Colombian government has prepared a revised tax reform package that was submitted in Congress on 20 July 2021, including an increase in the standard corporate tax rate to 35% in 2022. In addition to the increase in the standard rate, other important measures of the reform package reportedly include the following:

• The additional 3% surtax on financial institutions would be extended until 2025, resulting in a potential tax rate of 38%, with the threshold for applyin…