4 August 2015
The Colombian government recently published Decree 1489 of 2015 in the Official Gazette. The Decree modifies the financial transactions tax (GMF) exemption provided for transfers of investments or portfolios carried out by stock brokerages, trust companies and investment management companies.
According to the decree, the following transactions qualify for the GMF exemption, if the corresponding transfer is made for the same beneficiary:
The types of investments that qualify include:
The current GMF rate is 0.4%. That rate will apply through 2018, and GMF will then be phased out by 2022, with a reduction to 0.3% in 2019, 0.2% in 2020 and 0.1% in 2021.
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