COLOMBIA

On November 11 the Ministry of Finance published a draft decree on the exemption of orange economy income. The draft seeks to regulate the articles of the Social Investment Law that establish tax incentives for orange economy companies. Comments should be sent through the following link before November 25.

The initiative seeks to modify the requirements, conditions and terms for the application of exempt income by legal entities that are taxpayers of income tax and complementary taxes of the ordinary regime that request the qualification of investment projects in the orange economy.

In particular, the bill proposes that income from the development of technological value added industries and creative activities that have started their economic activity before June 30, 2022 will have the benefit of income exemption for a term of 5 years. In addition, it repeals the article of the Tax Statute that establishes the minimum investment amounts for companies.