After the declaration of unconstitutionality of Law 1943 of 2018, on October 22nd, 2019, the Ministry of Finance filed before Congress the tax reform bill proposed by the Colombian Government with the rules that would govern from 2020.

Some issues that stand out are (i) the incorporation of the Wealth Tax for the years 2020 and 2021, levying the capital possession "as of January 1, 2019”, which breaches specific constitutional principles, (ii) no new regularization tax or fiscal clean-up for goods that were filed for a lesser value in previous tax returns is included, and (iii) the schemes of termination by mutual agreement for tax, customs and foreign exchange administrative processes are again provided.

In that regard, this Bill retains most of the terms that Law 1943 had introduced, including only a few adjustments for validity and timeframe of the new regulations. However, it is important to note that some political parties have announced their intention to propose modifications to this new tax reform bill.