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Law exempting international sporting events from taxation

Law exempting international sporting events from taxation

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On September 6 of this year, the ” El País” website published a report on the sanctioned law exempting international sporting events in Colombia from taxes.

1. Tax exoneration

It is reported that Colombian sports receive a new incentive with the enactment of Law 2154 exempting international competitions to be carried out in Colombia during 2021 and 2022 from taxes.

2. Reactivation of the economy

The law is focused on reactivating the economy, consolidating Colombia as a venue for world-class sporting events, boosting tourism, and consequently creating more than 23 thousand jobs between 2021 and 2022, receiving close to 9,500 athletes from more than 90 countries and thousands of visitors.

3. Positive aspects

To reactivate the economy, the support of the national government, the Congress of the Republic, and the sports sector is required, reason why the exoneration of some tax contributions and customs duties is very favorable in the framework of the development of the first Junior Pan American Games 2021 and the nineteenth World Under-20 Athletics Championship in 2022 in the city of Cali, the fifth Parapan American Youth Games 2022 in Bogota and the nineteenth Bolivarian Sports Games 2022 in Valledupar.

4. Boosting the sports sector

The portal also states that thanks to the new law, the development of the sports sector is boosted through an achievement that materializes this priority of the Representative to the House of Representatives for Valle del Cauca, Norma Hurtado Sánchez, author of the Pro-Sports Tax Law and co-author of the bill that reforms the sector after 26 years.

Source: El País 07/09/21

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