On 28 December 2018, Colombia enacted Law No. 1943, which includes several important tax reforms. Some of the main changes include:

• The standard corporate tax rate is reduced from 33% to:
  • 32% in 2020;
  • 31% for 2021;
  • 30% for 2022;
• The 4% surcharge on corporate income is abolished with effect from 2019;
• For financial institutions with taxable income of more than 120,000 tax units, a separate ta…