Update - Colombia's Revised Tax Reform Package Approved in Congress Pending Harmonization Procedures

Both houses of the Colombian Congress have voted to approve draft legislation for the government's revised tax reform package submitted on 20 July 2021. The legislation approved in each house must undergo harmonization procedures to work out certain differences and produce the final text. Key measures, however, are provided in both versions, including the increase in the corporate tax rate to 35% from 2022, the extension of the 3% surtax for financial institutions, and the tax regularization …