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Colombia mystery $4.4 billion tax break for mining firms

Tuesday, October 31, 2017

Private oil and mining firms in Colombia have been registered as public entities with the country’s tax office since 2005, according to newspaper El Tiempo.

The extraordinary interpretation of tax law cost the Colombian tax payer a staggering $4.4 billion.

The state council was forced to interfere and banned the extraordinary tax norm for oil and mining companies.

Source: Colombia Reports