A Bogota court approved a tax agreement between Colombia and the United States on Sunday that will allow the two countries to pursue tax evaders.
This “tributary treaty” allows Colombian and US authorities to work together in order to chase down tax evaders from either country, according to radio station Caracol Radio.
This deal will also look to diminish tax evasion in general and increase the cooperation and exchange of information between the two allies.
Furthermore, the court’s ruling will permit both countries to investigate citizens living in the exterior.
The agreement looks to crack down on illegal activities concerning tax fraud, the specific priority being nacro-trafficking, according to Caracol Radio.
Information obtained by the US’ Internal Revenue Service (IRS) and Colombia’s Dian, will be confidential and shared with no other entity outside of the two tax collecting agencies.
Colombia is the US’ largest Latin American ally, especially in terms of finances having received billions of dollars over the past decade from the northern country to fight drug trafficking and leftist guerrilla groups.
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