Published legislation and draft legislation - Colombia

Cutting down on the use of cash and promoting electronic transactions

Bill 133 2017 Senate

Congress has tabled for its first debate the bill to cut down on the use of cash and incentivize electronic transactions, encouraging citizens to become banked and financial institutions and the government to roll out electronic payment systems.

The wording also includes an option using which the government could underwrite agreements with financial institutions to boost citizens’ financial education training.

It contains tax incentives for legal persons who prioritize the domestic use of electronic transactions during the first 3 years after the law comes into force, which have to be regulated by the Ministry of Finance & Public Credit.

 

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