On 21 July 2016 was filed before the Colombian Congress a bill (022 of 2016) by which tax exemptions on income up to 30 years would be created for small and medium-sized companies on information and communications technology (ICT).

The bill –also known as the blue economy law- would apply the exemption to companies in the ICT industry for design, development, production, sale, marketing or licensing of new information technologies developed in Colombia, as long as they are covered by a new patent registered before the competent authority.

The technologies to benefit at least must have a minimum content of scientific and/or technologic research developed in Colombia, which will be certified by the National Council of Tax Benefits in Science, Technology and Innovation.

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.