Colombian tax reform includes wealth tax on foreign companies

Colombia’s president has signed into law a tax reform package which includes a temporary annual tax on wealth in excess of $1 billion pesos (USD 425,000) held by domestic or foreign legal entities, writes PwC in a December 28 tax alert. The tax package also includes increases in income tax withholding rates on cross-border payments and introduces a temporary increase in a profits tax known as the CREE. For details, see PwC.