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Colombian Congress approves tax reform bill in first debate

  • Clarify the way in which the taxable basis for the value-added tax (VAT) should be determined when importing goods from free trade zones
  • Add a VAT exclusion for cosmetic surgeries
  • Reintroduce Article 491 of the Colombian Tax Code, which expressly indicates that VAT paid on the acquisition of fixed assets generally cannot be treated as creditable input VAT
  • etc.

Source: EY

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