The Colombian President, Alvaro Uribe has asked Congress to approve changes to the assets tax proposed in July.
“I invite the Congress to approve the new Tax on Assets, because it allows further progress in the security policy while maintaining social policies,” the President reportedly stated.
A draft law which includes changes to the Assets Tax was presented by the Government in July. According to the proposal, for a period of 4 years, beginning in 2011, individuals and companies with assets over COP3,000m (approximately USD1.5m) would pay a 0.6% tax.
The proposal also includes a reduction from 40% to 30% for deductions of income tax for new investments, and changes to the tax benefits available for free trade zones.
The draft law is currently being discussed by the Colombian Congress.
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