To enter in to Colombian gambling industry, it´s important to know how the taxes are changing this year.
After the approved Tax Reform, our editorial team carries out an analysis in the company of industry experts and brings to you the most important thing for the Gambling Industry.
Article 115-2 of the tax statute gives a special benefit
SPECIAL DEDUCTION OF THE SALES TAX. From taxable year 2017 taxpayers will be entitled to deduct for the calculation of their taxable income taxable value the value paid for the Sales Tax for the acquisition or importation of capital goods taxed at the general rate.
This deduction will be requested in the income tax return of the taxable year in which the capital asset is imported or acquired.
PARAGRAPH 1. In no case, may the benefit provided for this article be used concurrently with the period established in article 258-2 of the Tax Statute.
PARAGRAPH 2. The benefits provided herein shall be applicable when the assets are acquired through the financial leasing modality and the purchase option is exercised at the end of the contract. Otherwise, the lessee will be obliged at the moment when he decides not to exercise the call option to recognize the discount taken as the highest tax payable and the deduction taken as liquid income for the recovery of deductions.
PARAGRAPH 3. Capital goods for the purposes of this subsection are understood to be those depreciable tangible assets that are not disposed of in the ordinary course of business, used to produce goods or services and that, unlike raw materials and inputs, are not Incorporate in the final goods produced or transformed into the production process, except for the wear and tear of their use.
To this extent, among others, capital equipment is considered machinery and equipment, computer equipment, communications and transport equipment, loading and unloading; Acquired for industrial and agricultural production and for the provision of services, machinery and equipment used for the operation and operation of games of chance.
Give a differential treatment for payments made in cash from 2018 Article 771-5 Tax status paragraph 3
In the case of cash payments made by operators of Luck and Chance Games, the step provided for in the preceding paragraph shall be applied as follows:
1. In 2018, seventy-four percent (74%) of total deductible costs, deductions, liabilities or taxes.
2. In 2019, sixty-five percent (65%) of total deductible costs, deductions, liabilities or taxes.
3. In 2020, fifty-eight percent (58%) of total deductible costs, deductions, liabilities or taxes.
4. As of 2021, fifty-two percent (52%) of total deductible costs, deductions, liabilities or taxes.
For the purposes of this paragraph, payments up to one thousand eight hundred (1,800) UVTs (Unit of Tax Value) made by operators of games of chance are not considered to be included, provided they carry out the withholding at the corresponding source.
The present treatment shall not apply to operators of games of chance that comply with the rules of money laundering established by the competent authorities in cases where financial institutions for duly justified reasons deny access to financial products for the payments referred to in this article. In this case, the taxpayer must provide the corresponding evidence to prove this fact, including the communications from all financial institutions that support the refusal to open the financial products. These entities will be obliged to issue the aforementioned communication when they deny access to the aforementioned products.
“Banks and other financial entities of public nature shall open and maintain accounts in their entities and grant the transactional financial products, usually to operators of games of chance authorized by Coljuegos”
PARAGRAPH 4 of the same article obliges banks of a public nature to open financial services to gaming operators. THIS WAS THE RESULT OF THE MANAGEMENT OF SEVERAL AGREMIATIONS AND OUR DENOUNCEMENT OF NOVEMBER 22, 2016 BANCO POPULAR THE WINDOW OF DISCRIMINATION TO THE GAMBLING GAMES
Banks and other financial entities of public nature shall open and maintain accounts in their entities and grant the transactional financial products, usually to operators of games of chance authorized by Coljuegos and other competent national or territorial authorities, by means of a concession, license or Any other type of administrative act and to the postal operators, provide if they comply with the rules on money laundering established by the national authorities.
Keep this information in mind as you can make profit counts based on your accountant's skill.
