Exclusive: Terminal operators hit by wealth taxes in Colombia and Pakistan
Philippines-based terminal operator ICTSI has revealed it has had to pay out nearly US$2m because of new temporary taxes in Colombia and Pakistan.
In January 2015, the Colombian government introduced a new ‘wealth tax’ on individuals or foreign companies whose net equity (their assets minus their liabilities) is worth COP1bn (US$357,000).
Due to this, ICTSI was forced to pay out a US$1.3m tax on its equity in its project in Aguadulce in 2015 and it will have to pay similar amounts in 2016 and 2017.
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