Colombia’s tax collection reached $23.3 trillion COP in June, a 6.5% increase over the same month a year earlier, according to proprietary indicators published by Grupo Cibest (NYSE: CIB; BVC: CIBEST, PFCIBEST), the Medellín-based financial holding company that owns Bancolombia. The estimate comes from the group’s Bancolombia Tax Tracker, one of two tools the bank has built from its transactional data to monitor public revenue and spending between official reports.

Colombia’s tax collection is tracking the 2026 target.

The trackers are produced by Grupo Cibest’s Economic, Industry and Market Research area. The Tax Tracker applies machine-learning models to the group’s transaction and payment-channel data to estimate monthly tax collection disaggregated by type of tax, while the companion Bancolombia Execution Tracker draws on the Bancolombia NowCast reading for the public administration sector to estimate budget execution by the central government.

Grupo Cibest states that the indicators are intended to complement, and under no circumstances replace, the official figures published by the national tax authority, the Dirección de Impuestos y Aduanas Nacionales (National Tax and Customs Directorate, or DIAN), and the Ministerio de Hacienda y Crédito Público (Ministry of Finance and Public Credit).

“Tax collection is in line with the Government’s tax revenue target for 2026.” — Grupo Cibest, Economic, Industry and Market Research

Increases in Tax Collection Across the Board

On the revenue side, the June increase was driven mainly by domestic value-added tax, up 13.5% year over year; the financial transactions tax (Gravamen a los Movimientos Financieros, or GMF), up 10.9%; and tariff revenues, up 7.6%. With the June result, cumulative tax collection in the first half of 2026 reached $162.6 trillion COP, 9.1% above the level recorded in the same period of 2025.

Stamp, excise and customs duties led the 12-month gains.

Measured against the government’s full-year goal, the first-half total is equivalent to 51.2% of the annual target of $317.5 trillion COP. Grupo Cibest estimates that, relative to the objective projected for the first six months of the year, collection reached 100% compliance, placing revenue in line with the government’s 2026 target.

The tracker’s breakdown by tax type, expressed as the year-over-year change in the trailing 12-month cumulative total through June, shows the widest gains in stamp duty, up 166.2%, and excise taxes, up 19.7%, followed by tariff and customs duties at 13.2%, the financial transactions tax at 11.7%, domestic VAT at 9.6%, and income tax at 8.2%, for a total increase of 8.6%. Three categories moved the other way: revenue from the gasoline and diesel tax fell 59.6%, the wealth tax declined 12.8%, and foreign VAT contracted 5.6%.

Government Expenditure Overshoots Target

Budget execution is running ahead of the 2026 path.

On the expenditure side, the Bancolombia Execution Tracker estimates that the government committed $39.2 trillion COP in resources from the Presupuesto General de la Nación (National Budget, or PGN) during June, a 9.0% increase over the same month one year earlier. Committed resources for the year through June reached $299 trillion COP, an execution rate of 53.8% of the 2026 National Budget.

Grupo Cibest characterizes that pace as an overperformance relative to the execution path scheduled through the sixth month of the year. To reach the budget’s full-year total of $556 trillion COP, the government would have needed to commit about $272.3 trillion COP by June; the actual figure implies an overshoot of roughly $26.7 trillion COP against the monthly target.

Halfway through 2026, both sides of the ledger are on or ahead of plan.

The group notes uneven performance beneath the aggregate figures. Revenue from domestic VAT, the financial transactions tax, and income tax has been strong through the year, while collection tied to fuel taxes, the wealth tax, and foreign VAT has shown weaker dynamics.

The Bancolombia Fiscal Tracker is an initiative of Grupo Cibest’s Economic, Industry and Market Research area, which describes it as an effort to monitor two variables central to the evolution of the fiscal deficit: tax collection and national-budget execution. The July edition was prepared by Macroeconomic Research Manager Jose Luis Mojica Agudelo, Quantitative Research Manager Arturo Yesid González Peña, and Macroeconomic Specialist Hector Steben Barrios.

Headline image  by Csaba Nagy via Pixabay.

The bill’s passage is uncertain, particularly with the 2026 presidential elections approaching. However, the breadth of the proposed changes warrants close attention. A summary of the key provisions, based on a document from PwC, is outlined below.

Value Added Tax (VAT)

The proposed reform includes several significant changes to the Value Added Tax (VAT) system:

• Online Gambling: Online gambling would be permanently subject to VAT, a measure that is currently in place temporarily until the end of 2025. This would also require non-resident operators to register for, collect, and file VAT where applicable.
• Filing Frequency: The VAT filing frequency would be standardized to every two months for all registered suppliers, a change from the current system, where some businesses file four times a year.
• Input VAT Creditability: The window for claiming input VAT credits would be reduced from eight to six months.
• Self-Charging VAT: Large taxpayers would be required to self-charge VAT on taxable services imported into Colombia.
• Fuel Oils: Taxation on fuel oils would be increased through adjustments to the taxable base and higher rates.
• Cultural and Sporting Events: Recreational, cultural, and music festivals, as well as sporting events, would be subject to a 19% VAT.
• Low-Value Shipments: The “de minimis” exemption for low-value shipments would be eliminated.
• Digital Services: The VAT exemption for cloud computing, hosting, and software licenses for digital content would be removed. This change is likely to impact non-resident providers selling services to VAT-unregistered customers in Colombia.

Energy Sector

The energy sector would also see significant changes:

• Extraction Tax: A 1% tax would be imposed on the extraction of coal and oil for domestic sale or export. This would apply to taxpayers with a taxable income of $585,000 USD or more in the previous year.
• Coal Producers: The income tax brackets for coal producers would be tightened, aligning them with those for oil producers.
• Renewable Energy: The 50% “super deduction” for qualified renewable energy projects would be replaced with bonds redeemable over 15 years. Supplies for these projects would become zero-rated.

Corporate and Capital Gains Tax

Several changes are proposed for corporate income and capital gains taxes:

• Financial Industry Surcharge: The surcharge for the financial industry would increase from 5% to 15%, in addition to the 35% headline corporate tax rate.
• Deductibility of Expenses: Withholding tax would become a prerequisite for the deductibility of costs and expenses.
• Amortization: Tax amortization of fixed-term assets and shares would be permitted.
• Capital Gains Tax: The capital gains tax for lotteries, raffles, and gambling would increase from 20% to 30%. The 15% rate for the sale of fixed assets would remain, but the required ownership period would increase from two to four years.
• Non-Resident Dividend Tax: The tax on dividends paid to non-residents would increase from 20% to 30%.

Personal Income Tax

The proposed reform would also impact personal income tax:

• Withholding Tax: The current withholding tax system, based on a 12-month average, would be replaced by a system based on monthly income tax brackets. The top marginal rate would increase from 39% to 41%.
• Dividend Tax Credit: The dividend tax credit for individuals would be eliminated.

International Taxation

The bill includes several provisions related to international taxation:

• Sale of Shares: For direct sales of shares, non-resident sellers would be required to provide proof of filing and tax payment to the local recipient’s agent. Both the agent and representative would be jointly liable for any outstanding taxes.
• Indirect Sales: Joint liability would be introduced for any unfiled income tax returns from the seller in indirect sales.
• Corporate Restructuring: Corporate restructurings using “effective place of management” rules would need to be reported to the tax office and in financial statements.
• Information Exchange: Failure to provide data for automatic exchange of information could result in the closure of bank accounts.
• Permanent Establishments: Taxation for permanent establishments would be aligned with the rules for tax residents.
• Related Parties: Limitations on costs and deductions for related parties would continue to be lifted if they are arm’s length compliant, but withholding tax would still be due where applicable.

Digital Taxation

The proposed reform also addresses digital taxation:

• Significant Economic Presence: The tax rate for taxpayers with a “significant economic presence” who elect to file annual income tax returns would increase from 3% to 5%.
• Digital Assets: Digital assets would be outside the scope of income tax, except where they represent underlying assets. They could also be eligible for tax amortization.
• Indirect Disposal of Assets: The indirect disposal of assets in Colombia through the international transfer of digital assets would become subject to income tax.

Tax Amnesty

The bill includes provisions for a tax amnesty program:

• Penalties and Interest: Penalties and interest could be reduced under certain circumstances for unfiled returns, unpaid taxes, or ongoing tax disputes, provided the underlying tax is fully paid.
• Undeclared Assets: Underreported assets or over-reported liabilities as of January 1, 2026, would be subject to a 15% complementary tax rate, without triggering penalties or interest.

Miscellaneous Provisions

Other notable provisions include:

• Excise Tax: Excise tax rates for beers and liquors would be leveled to 30%, with a broadened taxable base based on liquor content.
• Amended Returns: The window to file amended returns to pay more tax or increase a tax receivable would be tied to the statute of limitations (3 or 5 years).

The proposed tax reform is extensive and could have a significant impact on businesses and individuals in Colombia. As the bill makes its way through Congress, taxpayers must stay informed of any developments.

Finance Colombia will continue to monitor the progress of this legislation. Readers are encouraged to follow financecolombia.com for the latest updates.

Gustavo Petro at his 2025 Labor Day rally. Photo credit: Presidencia de la República de Colombia.