Key amendments to the departmental tax code of Valle del Cauca
Key amendments tax code of Valle del Cauca
Below is a summary of the most significant changes introduced by the new ordinance:
No. | Topic | Previous Regulation (Ord. 474) | New Regulation (Ord. 692) | |
1 | General Provisions | General purpose of the Tax Code. | Includes new objectives such as fiscal sustainability, digitalization, and collection efficiency. | |
2 | General Provisions | Listed general tax principles. | Adds principles of intergenerational equity, progressivity, tax justice, and administrative efficiency. | |
3 | Registration Tax | Defined the taxable event without specifying types of legal acts. | Clarifies the taxable event, distinguishing between inter vivos and mortis causa acts. Differentiated rates: · Inter vivos acts: 1.0% of value · Mortis Causa Acts: 1.5% · Acts without monetary value: flat rate of 4 UVT | |
4 | General Provisions | General treatment of taxpayers. | Defines roles such as jointly and subsidiarily liable parties, and their obligations regarding tax debts. | |
6 | Vehicle Tax | Fixed rates for vehicle tax. | Updates rates based on commercial value: · Up to COP $49,470,000: 1.5% · COP $49,470,001 to $111,305,000: 2.5% · Over COP $111,305,000: 3.5% · Exemption for electric or low-emission vehicles | |
7 | Stamps | Base amount for stamp duties. | Adjust rules for public contracts, expanding the taxable base to include contract additions. | |
8 | Tax Procedure | No incentives for early tax payment. | Introduces early payment discounts: Up to 10% discount if paid within a defined period. | |
9 | Tax Procedure | No provision for automatic refunds. | Establishes automatic refunds for credit balances, subject to prior requirements and electronic verification. | |
10 | Tax Procedure | Did not regulate electronic processes. | Mandates the use of electronic means for filing, payments, and notifications. | |
| 11 | Tax Procedure | General oversight framework. | Expands oversight powers, enabling electronic audits, data cross-checks, and AI-based verification processes. | |
| 12 | Special Regime | No special provisions for free trade zones. | Establishes tax benefits such as partial exemptions and fiscal incentives to promote investment in free trade zones. | |
| 13 | Tax Procedure | N/A |
Guarantees required for debts exceeding 200 UVT | |
| 14 | Tax Procedure | N/A |
Full waiver if voluntarily regularized |
