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Colombia Exceeds Revenue Target For 2015

by Mike Godfrey, Tax-News.com, Washington

18 January 2016


Colombia collected COP123.7 trillion (USD38bn) in tax revenue in 2015, up 8.2 percent on 2014 levels.

This was an increase from the COP114.3 trillion collected in 2014 and surpassed the annual target of COP123.5 trillion.

Revenues from income taxes increased 7.1 percent from 2014, while international trade taxes increased by 14 percent.

Revenue from the income tax for equality (CREE), which is levied on companies in addition to the corporate income tax, grew the most last year at 17.8 percent, reaching COP1bn. This reflects an increase in the rate of the CREE surtax, which is levied on large companies, to five percent at the start of the year.

A number of tax reforms were implemented in 2015, including a new wealth tax and new measures to combat tax evasion.

TAGS: tax | Colombia | revenue statistics | tax reform | trade

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