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Colombia: special self-withholdings introduced

Decree 2201 of 30 December 2016 introduced additional special self-withholdings (tax withholdings that must be self-assessed by taxpayers that are deemed "self-withholders") which are applicable as from 1 January 2017.

The newly introduced special self-withholdings will replace the CREE self-withholdings that were recently abrogated under the latest tax reform (Law 1819 of 2016) eliminating CREE tax.

According to article 2 of the decree, the special self-withholding rates are 0.4%, 0.8% and 1.6%, depending on the main economic activity of the taxpayer deriving the income. Consequently, as from 1 January 2017, the special self-withholdings must be filed, using the general withholdings return, with the tax authorities on a monthly basis.

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