Colombians allegedly have more than $50 billion in offshore accounts thus avoiding to pay taxes, said the country’s finance minister, who warned on Tuesday that the free ride was coming to an end.
Finance Minister Mauricio Cardenas revealed that there was more than $50 billion held in offshore accounts that is not contributing to the coffers of the country, but added that the country’s new tax reform includes mechanisms to find and demand contributions from those whose money is kept abroad.
Cardenas advised that these days Colombia’s taxes and customs have easy ways to find those who don’t report their assets and asked for Colombians to be sincere and report all their resources as the government now requires a contribution of 4%.