Colombia: CREE fair tax – regulations issuedDecember 12, 2013
Decree 2701 of 2013 regulates the newly introduced “fair tax” (impuesto sobre la renta para la equidad – CREE – that was introduced by Law 1607 of 2012), which is payable by resident companies and non-resident companies deriving their income through a permanent establishment in Colombia.
The decree was issued by the Government on 22 November 2013 and is effective as from that date.
Some of the main features of the decree are as follows:
- Clarifications on elements and method to determine the CREE taxable base
- Instructions on how to obtain reimbursements or credits for amounts paid in excess
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