Prepared by Julián López Avella
The Ministry of Finance and Public Credit (MHCP) has published for comments the draft decree that updates the list of non-cooperative jurisdictions and low or zero tax jurisdictions, commonly known as “tax havens.”
The list has been reduced from 37 to 25 jurisdictions, with Hong Kong being excluded. Among the listed jurisdictions are Qatar, Bahamas, Macau, Maldives, Cape Verde, Trinidad and Tobago, Yemen, and others.
The update is based on established criteria such as the absence of substantial tax rates, lack of tax information exchange, absence of transparency, and no requirement for significant local economic presence. Interestingly, we observe that some jurisdictions, despite having begun exchanging information with Colombia, remain on the list.
We recommend considering this list of jurisdictions, as operations with them could result in a very high tax burden.
The draft decree can be consulted and commented on here: https://mhcp.db-system.com/normativa/proyectos-de-decreto/2024
Do not hesitate to contact Brick Abogados if you have any questions or if you would like further details on the topic discussed above.
****
This document is for informational purposes only and does not constitute legal advice, nor does it engage the responsibility or professional opinion of Brick Abogados.