Colombia Clarifies that Foreign Tax Credits May Not Offset CREE Tax

Colombia's National Tax Authority (DIAN) recently issued Ruling 39768 of 2014 clarifying that a foreign tax credit is limited to the amount of corporate tax and CREE tax that would be levied on the foreign-source income. However, although CREE tax is taken into account in determining the amount of foreign tax credit that may be credited against corporate income tax paid in Colombia, the foreign…
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