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DECREE OF THE MINISTRY OF FINANCE

Criteria that will be taken into account for the investments in fossil fuels and minerals incentive

Investments in exploitation and exploration of oil and minerals will grant the abovementioned incentive through the Certificates of Tax Reimbursement (“CERT”)

 

The Ministry of Finance enacted Decree 2253 of 2017 which established the criteria and guidelines demanded for the granting of the incentive for the increase of investments in fossil fuels and minerals through the CERT’s.

The CERT’s will correspond to a percentage over the value of the investments; will have the nature of non-taxable income and can be used to pay due taxes before the Colombian Tax Authority. From year two to year five, counted from the date on which the CERT was granted, the redemption may be made.