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The changes that the collection of the 4×1000 tax will have

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The changes that the collection of the 4×1000 tax will have

Luis Carlos Reyes, director of the National Tax and Customs Directorate (Dian), in the last few hours announced the changes that are intended to benefit thousands of Colombians, who will be exempt from the 4X1000 tax.

The official clarified how the changes in the 4×1,000 will work from now on. According to the director, the tax will no longer be charged to a specific group of Colombians.

“For people who between all their accounts move less than 16.4 million pesos, the 4X1000 ends.” Although he did not provide further details about the date on which this benefit would begin to apply.

The origin of the well-known Tax on Financial Movements (GMF) began as a temporary tax. But renewed over time due to its ease of collection to resolve certain specific crises in the country.

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It was then on November 16, 1998, through decree 2331 of 1998. The Government implemented the 2X1000 to face the banking crisis that the country was going through.

Although initially the measure had a temporary validity of one year, in 1999 under the economic emergency of an earthquake in the coffee-growing region of the country. The tax was extended for another year, modifying the destination of the collections.

In 2000, this tax was made permanent. After a few months, its initial rate of 2X1000 was increased to 3X1000, and then raised to 4X1000.

When it began to be implemented, it was done in a very general way, without exceptions. So large companies that traded a lot of money daily realized that they could lose a large part of their profits with the measure. This was one of the reasons why they asked the Government for some exceptions.

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