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Domestic VAT, the financial transactions tax, and income tax powered the gains, while fuel, wealth, and foreign VAT revenues lagged.

Online gambling will be permanently subject to VAT, requiring non-resident operators to register, collect, and file VAT from 2026 onward.

"The problem is that after years of corruption and mismanagement, the Colombian bank balance isn't in any shape to write the checks needed to move the inequality needle."

The report reviews over 40 variables in 5 tax categories; Colombia's weak corporate and property taxes make it the toughest OECD tax climate.

Other countries have fair de minimis systems. Colombia can too—current rules hurt consumers and our economic competitiveness.

Colombian companies miss millions in unclaimed VAT refunds, hindering business growth and efficiency.

Colombia has a high 19% tax on retail purchases. Visitors can get full refunds on departure - if they follow these steps.

The bill imposes new income taxes on Colombians earning more than $2,000 per month, plus petroleum & mining exports.

Emerging market central banks may have acted faster than those of the developed world, but it doesn't mean they have done enough.

The VAT refund may be credited to the international credit card issued outside the country and indicated on the return request, or alternatively in cash.