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 working on new regulations for the online gambling industry that could feature in an upcoming tax reform. This new framework aims to tax transactions involving cryptocurrencies and online gambling, while not increasing existing taxes.
According to DIAN Director Luis Eduardo Llinás, the goal is to ensure that currently unregulated sectors contribute appropriately to the tax system. Llinás clarified that this is about establishing new controls rather than increasing existing taxes.
Key Points
- Colombia’s DIAN is drafting regulations to tax online gambling and cryptocurrency transactions.
- The measures aim to fill regulatory gaps without increasing current tax rates.
- Llinás stressed these measures will ensure unregulated sectors contribute to the tax system.
- The upcoming reforms also consider virtual wallets, exchanges, and other digital service providers.
- An advance payment of income tax was recently implemented, impacting various economic sectors, including gaming.
Why should I read this?
If you’re remotely interested in online gambling regulation, this is crucial. Colombia is stepping up its game in the digital economy, and these changes could affect everyone in the sector, from operators to consumers. Stay ahead of the curve and find out how this could impact your business or interests!