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Colombia has one of the most outstanding macroeconomic performances within the region. The stability and continuity of government policies and independence of its economic bodies guarantees an ideal environment for investing.
The Colombian Exchange Regime has the main objective of promoting internationalization of the Colombian economy. Foreign investment comprises all investment of foreign capital, whether direct or portfolio, made in Colombian territory.
Colombian legislation has focused on facilitating customs operations for imports, exports and transit of goods by regulating the application of various forms of foreign trade.
Labor law in Colombia is regulated by the Political Constitution of 1991, by international treaties and agreements signed by Colombia and by the Labor Code. Labor law is divided into two areas: individual labor law and collective labor law.
Colombia regulates the entry and permanence of foreigners in the country by means of an immigration regime. This chapter presents the regulations that the Ministry of Foreign Affairs has established for citizens from restricted countries.
The Colombian tax system establishes taxes at a national and sub-national level (departmental and municipal). The main national-level taxes are the income tax and the supplementary capital gains tax, the wealth tax (temporary validity), sales tax - IVA, national excise tax and the tax on financial transactions.
Excise tax is generated by provision or sale to a final consumer or importation by the final consumer of certain products or services, such as mobile telephony, certain vehicles, dispensing of prepared meals, among others.
In Colombia domestic and foreign investment vehicles are supported by Constitutional principles, such as the right to equality, protection of free enterprise and private initiative.
Public contracting has a superior character derived from the government purposes it pursues. These purposes are an obligation for the respective government entities as well as for individuals contracting with the State, insofar as the latter always act in their capacity as Collaborators of the Administration.
Daniela González Peña
Clientes y Mercados, Legal y Tributario, PwC Colombia
Tel: (571) 634 0555 Ext. 10296