In November 2021, a tax reform was enacted, including several changes in tax legislation, such as:
- New temporary contributions for entities and individuals.
- Elimination of corporate income tax (CIT) exemptions for new and productive investments, as well as for public-private partnership.
- Tax credit derived from taxes paid abroad.
- Value-added tax (VAT) exemptions.
- Transaction process for tax assessments.
In October 2022, an Executive Decree introduced reforms in several regulatory bodies related to tax, commercial, and investment matters, as follows:
- Actuarial provisions, related-parties expenses, deferred taxes, procedures for the application of income tax rate reduction on new investments, amortisation and depreciation in mining activities, and VAT refund for exporters of services.
- Procedures for remittance tax exemptions under investment contracts.
- Procedures for tax exemptions on foreign trade under investment contracts.
In June 2023, an Executive Decree introduced reforms in several regulatory bodies related to tax. The purpose of this Decree is to strengthen the family economy and popular businesses and artisans, among others. The changes of this reform are mainly focused on the following:
- Personal income tax (PIT).
- CIT for entrepreneurs and small and medium-sized enterprises.
- Creation of a single income tax on sports betting operators.
- Public shows taxed with VAT.