Sub-custody guide: Colombia

Sub-custody guide: Colombia

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In December 2014 Colombia’s lower house passed a tax package worth COP- 53trn ($22.3bn) to the government over the next four years. The tax would mostly be raised from businesses, by extending and modifying existing taxes that will expire at the end of the year.

Colombia 2015

Included in the taxes is an extension of a three-year wealth tax that will raise COP12.5trn in 2015 alone, a separate profits tax on businesses and a banking transaction tax.

The Colombian authorities seek to hold its markets to the highest international standards, says Claudia Calderon, head of Colombia at BNP Paribas Securities Services: “This is demonstrated by Colombia’s ambition to becoming a member of The Organization for Economic Co-operation and Development (OECD)”. Colombia is the first market in the Americas where investment compliance by custodians has been mandated, says Calderon. 

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