Colombia’s National Tax and Customs Authority drafts new tax measures to regulate online gambling
Summary
The National Tax and Customs Authority (DIAN) of Colombia, alongside the Ministry of Finance, is establishing a new regulatory framework aimed at the online gambling sector, potentially included in a forthcoming tax reform. The DIAN’s Director, Luis Eduardo Llinás, has indicated the need for specific taxes to address transactions related to cryptocurrencies and online gambling, aiming to ensure that unregulated sectors contribute fairly to the tax system.
During a recent Banking Convention in Cartagena, Llinás stressed that the objective is not to raise taxes but to introduce measures that ensure participation from currently unregulated sectors. Additional categories likely to be covered include virtual wallets and service providers operating with cryptocurrencies.
Key Points
- New tax measures targeting online gambling and cryptocurrencies are being drafted by Colombia’s DIAN.
- These measures aim to fill regulatory gaps and ensure fair contribution from unregulated sectors.
- The focus is on establishing controls without increasing existing tax burdens.
- There are ongoing discussions surrounding advance payments of income tax impacting the gaming industry.
- Projected cash flow from new measures is estimated at COP 7 trillion for the year 2026.
Why should I read this?
If you’ve got any interest in online gambling in Colombia, this article spills the tea on major regulatory changes that could affect everything from operations to taxes. With the government stepping up to create a clearer framework, understanding these developments is crucial for anyone engaged in or considering entering the Colombian online gaming market. Let’s face it, keeping up with these changes could save you a headache (and some funds) down the line!