On 12 March 1997, the Constitutional Court held unconstitutional:

  • Law 81 of 13 January 1997, as amended by Law 224 of 31 January 1997, which established a tax on financial transactions in foreign currency; and
  • Decree 150 of 21 January 1997, as amended by Decree 251 of 4 February 1997, which introduced amendments to the income tax and VAT.

These laws and decrees have therefore ceased to have effect. Further clarification is, however, expected regarding whether or not the Court's decision is retroactive.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Mario Andrade, Deloitte & Touche, Santafe de Bogota, Colombia on Tel: +57 1 256 1548, Fax: +57 1 256 1557