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Colombia Offers Tax Breaks For Renewable Energy

by Mike Godfrey, Tax-News.com, Washington

12 November 2015


The Colombian Government has announced a package of new tax incentives for the renewable energy sector.

Among the incentives on offer is a deduction from the income tax equivalent to 50 percent of investments into renewable energy generation projects for a period of five years. In addition, equipment used in renewable energy projects will be exempt from the value-added tax (VAT) and customs duties.

The Minister of Mines and Energy, Tomás González Estrada, said that the Government aims to diversify Colombia's energy mix and promote the use of environmentally friendly sources of energy over fossil fuels.

The Minister also said that the Government aims to encourage investment in technological upgrades to improve energy efficiency. He said that Colombia has the potential to save up to 10 percent of the electricity consumed through such upgrades.

The incentives will be valid from February next year.

TAGS: environment | Energy | tax | investment | value added tax (VAT) | tax incentives | energy | corporation tax | Colombia | oil and gas | tax breaks | import duty

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