The Tax Reform Law was approved

The President of the Republic sanctioned Law 2277 of 2022, whereby a tax reform for equality and social justice is adopted and other provisions are enacted, whose main purpose is to support social spending for the achievement of equality and social justice and to allow fiscal adjustment.

The text of the law contains 96 articles regulating income tax and complementary taxes, wealth tax, unified tax under the simple taxation regime, environmental taxes, healthy taxes, mechanisms to fight tax evasion and avoidance and other provisions. 

The law became effective as from its publication, however, it contemplates a transition regime. 

Finally, the law establishes that persons who have accredited the conditions to access the differential rates and other tax benefits that were repealed or modified with this new law, may enjoy the respective treatment during the entire term granted in the legislation under which the respective legal situations were consolidated.

European Union prepares regulation to ban imports of products that contribute to deforestation

The European Parliament, through a press release, informed a preliminary agreement on the content of a new law through which it intends to prohibit the importation of products that cause deforestation, such as cocoa, palm oil, coffee, beef, timber, rubber and soybeans. 

The new law would include an obligation for companies to issue a "due diligence" statement certifying that goods traded in the European Union have not led to deforestation or forest degradation anywhere in the world after December 31, 2020.

This proposal must be formally approved by the Parliament and the Council of the European Union and will enter into force 20 days after its publication in the Official Journal of the EU, but some articles will apply at the end of the following 18 months.