At a ceremony held last night in New York, the Garrigues Tax Department in Colombia received the Americas Tax Policy Team of the Year award. The event brought together the leading firms from 12 North, South and Central American countries, including the United States and Canada.
Before the current Corporate Income Tax Law (Law 27/2014), Spanish legislation only allowed consolidation where the parent company was Spanish and this parent company’s interest in the controlled companies (also Spanish) was owned directly or through other Spanish companies. In other words, neither horizontal consolidation (“among sister companies”) nor indirect consolidation were allowed.
Ministerial Order no. 233/2018, of August 21st, was officially published, which regulates the Legal Framework of the Central Registry of Ultimate Beneficial Owners (“RCBE”), approved by Law no. 89/2017, of August 21st.
Law no. 43/2018, of August 9th, was officially published, which amends and extends the deadline of some articles of the Tax Incentives Statute (“EBF”).