Colombia’s tax agency DIAN on Wednesday announced to increase taxes on investment from tax havens.
The announcement was made by DIAN director Juan Ricardo Ortega, who told radio station W that the investors’ tax from these countries will go form 15% to 25%.
The tax hike is meant to counter Colombian investors who are using foreign tax as part of a possible “scheme to evade Colombia’s tax system,” Ortega told W.
According to Colombia’s top tax official, these alleged tax evasions cost the Colombian treasury 8 billion a year.
The increased tax will be applied to investment in the country’s financial system and real estate, said Ortega.
The South American country has designated 44 countries around the globe as tax havens.