Phase 1 Peer Review Report Summary: Colombia

 

Colombia’s Phase 1 review demonstrates a high level of commitment to the international standard for transparency and exchange of information for tax purposes with all elements found to be in place. Colombia has a solid legal and regulatory framework ensuring that ownership and accounting information is available for all relevant entities and Colombian authorities have full access to this information for exchange purposes. Having recently ratified the Multilateral Convention on Mutual Administrative Assistance in tax Matters, Colombia’s network of information exchange mechanisms covers 80 jurisdictions including all relevant partners. Colombia’s response to the recommendations in this report, as well as the application of the legal framework to the practices of its competent authority will be considered in detail in the Phase 2 Peer Review of Colombia, which is scheduled for the first half of 2015. For further information on Colombia's exchange of information practices and to read the full report click here