facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis
luxury tax

Colombia’s Tax Revenues Rose 2.4% in 2016

Posted OnJanuary 14, 2017
By :Jared Wade
Comment: Off
Tag: DIAN, National Directorate of Taxes and Customs, Reforma Tributaria, Tax Reform

According to government figures, Colombia took in 126.7 trillion pesos ($42.5 billion USD) in tax revenues last year, a 2.4% jump over the 123.7 trillion collected in 2015.

Though the revenue increase was helpful for federal coffers that have been hard hit by the drop in oil prices over the past two years, this still came in below the target of 130.1 trillion pesos set by the administration of President Juan Manual Santos, according to the National Directorate of Taxes and Customs.

The fall in oil royalties brought in since the price of crude tumbled in the fall of 2014 was the main driver of a major tax reform law that passed in late December. The government saw its credit rating put on negative outlook by both Fitch Ratings and Standard and Poor’s in 2015, leading to increased concern that Colombia could lose its coveted BBB rating and reputation among international investors.

The overhaul, among other revenue-generating policies, rose the national value-added tax on most products from 16% to 19%, a controversial move that has drawn protest in many Colombian cities and opposition from rival politicians.

With the reform now implemented into law, officials expected the 2016 tax revenue number to grow even further in 2017.

Photo credit: Philip Taylor

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • Email
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

Avatar
About the Author
Jared Wade is editor in chief of Finance Colombia. He is a Bogotá-based journalist with 15 years of experience covering topics including business, financial services, Latin America, and sports. Email him at jared.wade(at) financecolombia.com or follow him on Twitter at @Jared_Wade.
  • google-share
Previous Story

Fitch Ratings Analyst: Tax Reform May Not Be Enough to Improve Colombia’s Ratings Outlook

Next Story

IMF Cuts Economic Growth Forecast for Latin America in 2017

Related Posts

Ahead of the expected presentation of the tax reform to Congress next week, the 'commission of experts' have spoken with their views as to what needs to happen.
0

Opinion: On Colombia’s Tax Reform, The Experts Have Spoken

Posted OnMarch 19, 2021
, ByRupert Stebbings
0

Colombia’s Central Bank Holds Urgent Meeting To Review Deteriorating Global Economy: Coronavirus, Saudi-Russian Oil Price War, Falling Currency

Posted OnMarch 9, 2020
, ByLoren Moss
Photo: Iván Duque Márquez, president of Colombia, briefs reporters during the U.N. General Assembly. (Photo credit: UN Photo/Loey Felipe)
0

Fitch Ratings Not Impressed With Colombian Government’s Fiscal Strategy

Posted OnFebruary 11, 2020
, ByLoren Moss




RECENT

POPULAR

COMMENTS

Tecnoglass window-making factory in Barranquilla, Colombia. (Photo credit: Liliana Padierna)

Tecnoglass To Hold Q1 2021 Earnings Call The Morning Of May 7

Posted On April 13, 2021

Etek Launches Identity & Access Management Service

Posted On April 13, 2021

GCA Airlines Files To Fly New Routes To Bucaramanga, Santa Marta, San Andrés & Pereira, Colombia

Posted On April 13, 2021
PharmaCielo horticultural worker harvests THC dominant and unique cultivar (CNW Group/PharmaCielo Ltd.)

Colombian Cannabis Cultivator PharmaCielo Closes $13.5 Million CAD Capital Raise

Posted On April 13, 2021
Photo from Twitter

Support for Colombian Fugitive Alex Saab Turns Out To Be Nigerian Troll Farm

Posted On April 13, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

In Deepening Crisis At EPM, Labor Union Demands CEO Explain Private Gym, Luxury Office Remodel Despite Austerity Orders

Posted On August 25, 2020

Declan Ryan Says Viva Air Not Being Treated Fairly By Colombian Government: Exclusive Interview

Posted On September 3, 2020
Avatar

[…] 2020 — SINPRO, EPM’s largest...

Posted On April 12, 2021
Avatar

[…] Sky Airline each may operate 4...

Posted On April 6, 2021
Avatar

[…] didn’t know that; that...

Posted On April 6, 2021
Avatar

[…] during his mayoral campaign...

Posted On April 6, 2021
Avatar

[…] existing Viva aircraft are...

Posted On March 30, 2021

Watch This!

Book With Us

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

Tecnoglass window-making factory in Barranquilla, Colombia. (Photo credit: Liliana Padierna)

Tecnoglass To Hold Q1 2021 Earnings Call The Morning Of May 7

Posted On April 13, 2021

Etek Launches Identity & Access Management Service

Posted On April 13, 2021

GCA Airlines Files To Fly New Routes To Bucaramanga, Santa Marta, San Andrés & Pereira, Colombia

Posted On April 13, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020
copa airlines

Copa Airlines Raising $350 Million USD War Chest Via Private Notes Offering

Posted On April 27, 2020
Avatar

[…] 2020 — SINPRO, EPM’s largest...

Posted On April 12, 2021
Avatar

[…] Sky Airline each may operate 4...

Posted On April 6, 2021
Avatar

[…] didn’t know that; that...

Posted On April 6, 2021

Watch This!

Contact Us (Click the image):

Book With Us

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
WhatsApp us
loadingCancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.