On December 22, 2021, the President issued the Executive Decree 298 by which a progressive reduction of the outflow tax rate was ordered until reaching 4%, according to the following schedule:– As of January 1, 2022, the tax rate will be 4.75%. – As of April 1, 2022, the tax rate will be 4.50%. – Beginning July 1, 2022, the tax rate will be 4.25%. – As from October 1, 2022, the tax rate will be 4%. Withholding agents must make the necessary adjustments in their operating systems to comply with the rate reduction ordered in the Decree.
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