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 is working on new regulations aimed at the online gambling sector, which may form part of an upcoming tax reform. Director Luis Eduardo Llinás highlighted that the initiative focuses on correctly taxing cryptocurrency transactions and online gambling, rather than increasing current tax rates.
Key Points
- DIAN is preparing a regulatory framework for online gambling likely to be included in tax reform.
- New specific taxes are being considered for cryptocurrency and online gambling transactions.
- The aim is to ensure that current non-regulated sectors contribute fairly to the tax system.
- No existing taxes will be raised; instead, the focus is on establishing proper controls.
- The implementation of withholding tax is seen as an advance payment of income tax, generating an estimated cash flow of COP 7 trillion.
Why should I read this?
With the online gambling industry constantly evolving, this article highlights crucial regulatory changes that could affect how these businesses operate in Colombia. Understanding these potential tax measures is essential for stakeholders in the gaming sector, as it underscores the government’s attempt to adapt to new economic realities.