The enaction of the Law 1819 of 2016, introduced into the Colombian Tax Legislation a change to the special tax treatment of financial and operational leasing contracts. This document presents to the reader different legal problems arising from the wording of the financial leasing contract rules in the income tax and value added tax (VAT), which mainly originate from the drafting and interpretation of the article 127-1 of the Colombian Tax Code, as the special fiscal rule that establishes the treatment of leasing contracts for tax purposes. This document is developed under the dogmatic methodology, to the extent that different legal analyzes are carried out, and counts with the important input of the doctrine (i.e., tax rulings) issued by the Colombian Tax Authority (DIAN by its acronym in Spanish) as a relevant auxiliary source for the understanding of the scope of financial leasing fiscal treatment.