OBS_VALUE: Article 245 of the Tax Code establishes a 20% tax to be levied on dividends or participations received by companies or natural persons non-residents in Colombia, as well as by illiquid inheritances of deceased persons who were not residents in Colombia. This tax must be withheld at the source on the gross value of payments or account credits for dividends or shares. From 1989 to 2019, the rate was of 20%, and from 2019 to 2022, the rate was of 10%.When the dividends or participations correspond to profits, which if distributed to a national company would have been taxed, in accordance with the rules of articles 48 and 49 of the Tax Code, they must be subject to the rate indicated in Article 240 of the same law, i.e. 35%, according to the taxable period in which they are paid or credited into the account, in which case the 20% tax will be applied once this tax has been reduced.See also the Organic Statute of the Financial System (Decreto 663 de 1993, Estatuto Orgánico del Sistema Financiero, 2 April 1993, last amended on 7 December 2015), Article 91, available at: https://www.suin-juriscol.gov.co/viewDocument.asp?id=1142040