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Colombias mysterious $4.4B tax break for oil and mining firms
written by Adriaan Alsema October 30, 2017
Private oil and mining firms in Colombia have been registered as public entities with the country’s tax office since 2005, according to newspaper El Tiempo.
The extraordinary interpretation of tax law cost the Colombian tax payer a staggering $4.4 billion (13 trillion pesos), the newspaper reported.
. . .
The companies will not longer be able to deduct royalties from their corporate tax as if they were government offices.
For undisclosed reasons this had become custom in the sector after a tax norm was “misinterpreted” in 2005. The State Council, however, said this had been illegal.
More:
https://colombiareports.com/colombias-mysterious-4-4b-tax-break-oil-mining-firms/