Friday, July 14, 2017
Colombia has reported a 4.7 percent increase in tax revenues in the first six months of 2017, following changes to its income tax regime and an increase in the rate of value-added tax.
The country said that part of the increase was linked to changes in the way income taxes are collected, with people now required to pay an advance surtax on their income and supplementary income.
It added that changes to the VAT regime, including an increase to the headline rate to 19 percent from 16 percent, improvements in VAT collection, and making avoidance of the tax a criminal offense, also had an impact.
Adding to the COP74.1 trillion (USD24bn) total was a yield of COP3.1 trillion from an initiative to target tax avoidance, the tax authority said.