Citibank - Colombia SA said the country's state council has lifted the fine from a 2014 ruling against the bank for a 2006 tax reporting issue, according to a statement.
As a result, the council declared that the bank's income and supplementary tax for the fiscal period 2006 corresponds to the liquidation it practiced in the terms set forth in the ruling.
The council has levied a higher tax of 6.87 billion Colombian pesos while the same amount was also set as a sanction for inaccuracy.
As of Dec. 8, US$1 was equivalent to 3,011.00 Colombian pesos.
