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Colombia cracks down on tax havens

Wednesday, October 9, 2013

Colombia applied a 33 percent charge on Tuesday on assets moved to tax havens.

The charge will be applied for both individuals and businesses that move funds to any of the 44 countries on the government's tax haven list, which includes Hong Kong, Bahrain and Antigua and Barbuda.

Colombia's tax authority estimates the country misses out on between $7.9 billion to $10.6 billion in income and corporate tax revenue each year because of undeclared funds kept abroad.

Source: Reuters