Recent agreements to avoid double taxation subscribed by Colombia and Information Exchange Agreement with the United States of America
1. Agreement with Mexico to avoid double taxation on Income tax and Property tax
Despite having entered into force on July 11th, 2013, the provisions of this convention will only have effects on the operations performed from January 1st of the taxable year 2014, having in mind that the agreement relates to income and property taxes, which are imposed on a yearly basis.
2. Agreement to exchange tax information with the United States
This “Agreement between the Republic of Colombia and the United States of America to exchange tax information” -approved by Law 1666 of July 16, 2013 -, has passed constitutional control by ruling C-225 of April 4th, 2014.
The exchange of letters between both States was made on May 6th, which makes it enforceable.
This agreement is very important for enforcing FATCA Law from United States, which enters into force in July 1st, 2014.
3. Agreement with Korea to avoid double taxation on Income tax and prevent fiscal fraud
This “Agreement between the Republic of Korea and the Republic of Colombia to avoid double taxation and the prevention of fiscal evasion of the Income tax” – approved by Law 1667 of July 16th. 2013 – has passed constitutional control by ruling C-260 of April 23, 2014.
The provisions of this convention will only have effects on the operations performed from January 1 of the taxable year 2015.
4. Agreement with India to avoid double taxation on Income tax and prevent fiscal fraud
This “Agreement between the Republic of Korea and the Republic of Colombia to avoid double taxation and the prevention of fiscal evasion of the Income tax” – approved by Law 1667 of July 16th. 2013 – has passed constitutional control by ruling C-238 of April 09, 2014.
The provisions of this convention will only have effects on the operations performed from January 1 of the taxable year 2015.
5. Agreement subscribed by Colombia approved by the Congress, and sent to the Constitutional Court
The following agreement was approved by the Congress and will be subject to constitutional control before entering into force:
- Agreement between the Portuguese Republic and the Republic of Colombia to avoid double taxation and to prevent fiscal evasion on the income tax – Approved by Law 1692 of December 17, 2013.
Should you have any questions, please do not hesitate to contact us.
