Tax reform: former Panamanian president seeks to seduce investors who do not want to continue in Colombia

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Senator Gustavo Bolívar defended Gustavo Petro's initiative and asserted that in Panama they launder dollars and evade taxes

Tax reform: former Panamanian president seeks to seduce investors who do not want to continue in Colombia

Ricardo Martinelli, president of Panama from 2009 to 2014. PHOTO: Reuters.

The tax reform of the government of Gustavo Petro continues to be a topic of discussion in all spheres of the country. It is even talked about internationally. So much so that a former Panamanian president referred to the matter and invited Colombians who feel affected by its entry into force, which awaits presidential sanction after being approved in the Congress of the Republic.

This is Ricardo Martinelli, Panamanian president from 2009 to 2014 and a renowned businessman in that country.

He did it on social media citing a trill by Senator Gustavo Bolívar, who wrote after the initiative was approved on November 17: “the Tax Reform has already been reconciled in the Chamber. Only the signature of President Petro is missing. It goes into effect on January 1. Mission accomplished.”

To this, Martinelli responded with a seductive proposal, because according to him, Colombians have the doors open in Panama to settle for tax purposes and avoid the new taxes of the economic initiative

“Panama is a place that opens its doors, hands and heart to all good Colombian investors who want to change their tax residence. In a country that welcomes them with open arms if they come to invest creating wealth and jobs with lower taxes and security. Ok”, trilled the former Panamanian president.

Tax reform: former Panamanian president seeks to seduce investors who do not want to continue in Colombia

Tweet by Ricardo Martinelli.

Of course, Senator Bolívar made his respective reply to the former president and asserted that in that country they launder dollars and evade taxes.

“As the Panama Papers” proved, in Panama many Colombians who complain about insecurity launder dollars and evade taxes, but it hurts them to contribute to social justice, the basis of total peace. We invite these businessmen to show solidarity with the country that allowed them to make their fortune.”

Tax reform: former Panamanian president seeks to seduce investors who do not want to continue in Colombia

Tweet by Gustavo Bolívar.

Taxes

And there are several taxes that could affect the business sector in Colombia with the tax reform. One of them is the bonanza surtax and non-deductibility of royalties

Oil tankers and miners will pay a rental surcharge that depends on the international price of the last 10 years. In the case of oil, it would be progressive from 5%, 10% and 15%. They will not be able to deduct royalties.

For hydroelectric plants and banks the rate remains at 35%. However, in the case of hydroelectric plants, there is an increase of 3% and the financial sector must assume a surtax of 5%, which would be temporary until 2027 and will begin in 2023. Then, it will remain at 38% and 40%, respectively.

Healthy taxes

For ultra-processed foods, taking into account what is added in salt or sodium, extra fats and also sugars, they will have a rate of 10% in 2023, 15% in 2024 and 20% from 2025.

This has an exception, since producers and individuals who in the year prior taxable income or in the current year obtained gross income of less than 380 million pesos, will not be responsible for this tax. Chocolates will not be taxed if they do not have extra sugar.

It will start to be charged at the end of 2023.

Single-use plastic

Taxes containers, packaging and single-use plastic packaging equivalent to 1.9 pesos per gram of plastic used.

This will represent, according to Acoplásticos, an increase in the price of food, drink or cleaning or cleaning product that is packaged or packaged, which would be between 1% and 6%.

Individuals

Those who earn more than 10 million pesos must contribute more, since the total amount is limited what a person can deduct when declaring income. Dividends will have rates ranging from 0 to 15% for natural persons and 20% for foreign entities and non-resident natural persons.

Occasional earnings remained at 15%.