Colombian Treasury Minister is in favor of creating a special rule for startups in the tax reform

Colombian Treasury Minister is in favor of creating a special rule for startups in the tax reform

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GC EFE

Foto: Archivo


Colombian Treasury Minister José Antonio Ocampo said last Tuesday that he sees it possible to create an exemption for entrepreneurs with certain conditions in the wealth's collection tax proposed in the tax reform. 

Colombian Finance Minister José Antonio Ocampo on Tuesday favored the creation of a special rule in the tax reform being processed in Congress stating that the wealth of entrepreneurs is not subject to wealth tax for a certain time.

“It would be necessary to see how to exclude subsidiaries of foreign companies and large economic groups from this, the benefit would not be for them,” said Ocampo in a tax reform forum organized by Blu Radio.

The official asked the group of entrepreneurs who took part in the forum to present a concrete proposal to help correct the effect that the founders of startups would have if they are covered by the equity tax with the intrinsic value of the shares, considering that the valuations of startups are made based on future projections.

What follows will be relevant because, for example, to access financing mechanisms, startups are created in places such as Delaware and the Cayman Islands, and their operations in Colombia end up being subsidiaries.

A congressional representative from the Government bench, such as Senator Gustavo Bolivar (Historic Pact) and the representative to the Chamber for Bogota Maria del Mar Pizarro (Historic Pact) expressed their understanding of the concerns that entrepreneurs have been expressing in the last weeks.

“We are working on a proposition that Pacto Histórico is happy to welcome, in which technology companies that go through the valley of death can have an exemption in the equity charge, just like a company in its initial stage in which it is making losses and those that are technology-based - I am fighting for it to be opened to all entrepreneurs), so we want to agree with the Government”, said Pizarro. “It is the first time that a participatory tax reform is being built”.

In the space, Felipe Santamaría, director of Rockstart Colombia, stated that what has been proposed so far is “like taxing a dream”, while Camila Salamanca of Endeavor expressed that as it stands, the reform “Could truncate many dreams and possibilities”.

Mauricio Hoyos, from Toberin Valley, said that “entrepreneurship is for anyone who has an idea and can transform industries. Investments are not money that fell into our pockets”.

Pablo Santos, founder, and CEO of Finaktiva, added that technology-based entrepreneurship can help reduce youth unemployment.


Source:José Caparroso (2022, September 27). Ministro de Hacienda se muestra a favor de crear una norma especial para startups en la reforma tributaria. Forbes Colombia. Retrieved September 29, 2022 from https://forbes.co/2022/09/27/economia-y-finanzas/ministro-de-hacienda-se-muestra-a-favor-de-crear-una-norma-especial-para-startups-en-la-reforma-tributaria/  

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