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New Property Purchase/Sales Laws

Discussion forum for expats moving to or living in Colombia.

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New Property Purchase/Sales Laws

Post Posted: Sun Jan 13, 2019 5:56 pm

https://actualicese.com/normatividad/2018/12/29/ley-1943-de-28-12-2018-ley-de-financiamiento/


Article 53 Amends Article 90 of the Tax Statute.
No longer will people be able to leave the value unchanged on the escrituras, the escritura will have to show the purchase value, or the commercial value.

They are saying that direct cash purchases will no longer be allowed, all money will have to be deposited through a Bank Account, to ensure no one avoids paying their taxes. Everyone will have to swear on oath that they have not paid more money than declared in any other form.

They are also going to add IVA onto purchases, but at what rate hasn't been stated.

The list goes on, this is just an attempt at filling the Government coffers, but I think it will backfire badly on the Government, because people just wont sell their properties, and the housing market will become stagnant, reducing the income the Government receive.

Now we wait for the announcement as to when this will be introduced.


_________________

If you want the rainbow, you got to put up with the rain - Steven Wright

 

PhilBello
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