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PAYMENT OF INCOME TAX WITH CONSTRUCTION PROJECTS

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PAYMENT OF INCOME TAX WITH CONSTRUCTION PROJECTS

Corporate income tax

Adjustments to the requirements in order to pay the income tax with projects associated with Zones Affected by the Internal Conflict (“ZOMAC”)

 

Taxpayers might enter into agreements with public entities at the national level to acquire negotiable instruments -Tiles for the Renovation of the Territory (“TRT”) – that can be used to pay the corporate income tax. The purpose of the agreement is to make a direct investment in projects located in the ZOMAC. The tax payer must have gained gross income equivalent or higher to 33.610 UVT in the last taxable period.

The Agency for the Renovation of the Territory (“ART”) will have a database with projects that might be carried out, notwithstanding the possibility of the taxpayer to propose a project subject to approval from the National Planning Department (“DNP”).

Finally the TRT might be used by its holder in order to pay up to 50% of its income tax.