In a circular note, the Tax Directorate General (DGI) recalled that companies with a net profit of less than 100 million dirhams and subject to a rate of 35% may benefit from a rate of 20% if these profits have not changed. for three consecutive financial years (Section 19-IB of the General Tax Code).
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The Finance Act, 2024 regulates this rule. Henceforth, a company making a net profit of 100 million dirhams or more, following non-current income from the sale of fixed assets, pays its IS at a rate of only 35% for this financial year. For the following financial years, a rate of 20% will be applied only if the net profit remains below 100 million dirhams.
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The DGI in its note clarifies that the Income Tax (IR) has also made significant adjustments aimed at simplifying tax obligations and strengthening the relationship of trust between taxpayers and the tax administration. Thus, social contributions to compulsory health insurance and retirement schemes are now deductible from real or simple net income, contributing to better social coverage.
/cloudfront-eu-central-1.images.arcpublishing.com/diarioas/GPACJMN4NMDWJBP3ZHSNUNTZ2I.jpg "Dollar price in Colombia today, January 5: exchange rate and value in Colombian pesos")
