As the price of crude oil continues to plummet, Colombia’s Mines and Energy Minister has announced planned tax cuts for oil companies drilling in some offshore areas in the Caribbean. Some contracts will receive a 25 percent reduction in income taxes and will not be subject to the value-added tax (VAT) or customs fees. Colombia is currently the third largest oil producer in Latin America and the seventh largest crude exporter to the U.S.

Full article: http://www.maritime-executive.com/article/colombia-cuts-taxes-to-entice-offshore-exploration