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Other Incentives

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Main Incentives:

  • Incentives for hotels and tourism sector

    Income from services provided in new hotels that are built, remodeled, or expanded in municipalities of up to 200,000 inhabitants, within 10 years, will be taxed at the rate of 9% for a term of 20 years. If these activities are carried out in municipalities of more than 200,000 inhabitants, within 3 years, the income rate of 9% will apply for 10 years.

    New theme parks, ecotourism, agrotourism and new boat docks built in municipalities of up to 200.000 inhabitants, during the 10 years after the entry into force of the financing law, will have a rate of 9% for 20 years. If the previously mentioned activities are made in municipalities with more than 200.000 inhabitants, during the 4 years after the entry into force of the law, a tax rate of 9% will apply for 10 years.

    The previous benefits apply since January 1, 2019.

  • Sales tax on the importation, construction or acquisition of real productive fixed assets:

    The VAT paid for the acquisition, construction and importation of real productive fixed assets, including the one associated with the necessary services to put them in conditions of use, may be deducted from the income tax payable.

  • Deduction for hiring employees for the first time

    Taxpayers who are obliged to submit a declaration of income and complementary, have the right to deduct 120% of the payments they make for salary, in relation to employees who are under twenty-eight (28) years old, as long as it is the person's first job.

  • Incentives for Investment in Non-Conventional Sources of Energy – Energy Efficiency

    - Income Tax:

    Income Taxpayers who invest in production and use of energy from non-conventional sources, and in the efficient management of energy, will be entitled to reduce a 50% of the total value of the investment during 15 years from their income tax. In no case the amount reduced can be higher than 50% of the taxable income.

    - VAT:

    Exclusion of the VAT for equipment, elements, machinery and services (national or imported) destined to the investment and reinvestment for production and use of energy from non-conventional sources. The measurement and evaluation of the potential resources for the same purpose.
    Among them are included: Energy inverter for systems of solar energy with panels. Inversor solar panels. Charge controller for solar energy system with panels.

    - Custom Benefits:

    Machinery, equipment, materials and inputs destined to new investments in projects of energy from non-conventional sources will be exempt from the payment of import duties. When the machinery, equipment, materials and inputs can only be acquired through an import.

    - Accelerated Depreciation:

    The accelerated depreciation regime will apply to machinery, equipment, and civil works for energy generation from non-conventional sources. The depreciation rate per year will be 20% or less.

  • Imports with 0% Tariff:

    Through Decree 272 of 2018, the Ministry of Commerce, Industry and Tourism established a tariff levy of 0% for the importation of products classified in the CUODE as raw materials or capital goods and that have no national production. Within article 1 of said rule, more than three thousand tariff subheadings are established, which will be at 0% tariff at the time of importation. The list is reviewed and updated annually by the Ministry of Commerce, Industry and Tourism.

    Colombia offers income tax exemptions in the sectors mentioned below. This benefit allows companies to pay 0%, instead of the general rate of 32%.

  • Use of exempt income in agricultural projects and orange economy.

  •  Income associated to Social Housing (VIS for its acronym in Spanish) and Housing of Priority Social Interest (VIP for its acronym in Spanish).

  • Regime of holding companies in Colombia (CHC):

    For Colombian companies who have as company purpose the holding of securities, the investment or holding of shares or participations in Colombian or foreign companies, or the management of those investments. The income from the sale or transfer of shares or participations in a CHC is exempt.

  • Mega investments:

    Is a special tax regime for 20 years for all the taxpayers of the income tax who generate at least 400 direct jobs and make new investments equal to or higher than 30.000.000 UVT (COP$ 1,068.210,000,000) for 2020 approx. USD $273.900.000) within the national territory.
    The benefits include a special income tax rate of 27%, exclusion of the presumptive income regime, exclusion of the dividends tax, benefits in terms of depreciation of assets and exclusion of the equity tax. Additionally, for this investment, a stability regime is created to keep the benefits in case of legal unfavorable changes in exchange for a premium of 75% of the value invested in each year during 5 years.

  • Incentives to investment and donations for Scientific and Technological Development:

    Income taxpayers who directly or indirectly invest in, or give grants to, projects qualified as technological research and development can deduct the entire amount of their investment in the taxable year in which said investment was made.

    Additionally the investor may discount 25% of the invested value in the same taxable year in which it was made.

 

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