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Colombian businessmen will be able to finance works to pay the income tax

The Colombian government ruled today that employers finance works as part of the partial payment of income tax to generate development and employment in the most affected regions for the armed conflict.

Bogotá, Nov 22 (EFE) .- The Colombian government ruled today that employers finance works as part of the partial payment of income tax to generate development and employment in the regions most affected by the armed conflict.

"The private sector is a key element in building peace, we want to take advantage of this new circumstance to generate more employment, more economic development and build social fabric in the areas affected by the conflict, "said Colombian President Juan Manuel Santos, signing the decree regulating the reform Tax of 2016.

According to Santos, the payment of the tax can be made with the execution of works of great social importance in the regions such as the supply of drinking water, sewerage, energy, public health, education and the construction or repair of road infrastructure.

Law 1819 of 2016, which regulated the "Works for Taxes" mechanism, opens the possibility for companies that during the period had gross revenues equal to or greater than 1,071 million pesos (about 359,929 dollars) to pay up to 50% of the tax income in direct investment in projects.

The Tax Reform also opened the possibility for taxpayers to opt for another modality that is that when the projects of infrastructure exceed 50% of the tax charged, taxpayers can make use of an effective discount on payment.

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