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Taxation in Colombia is determined by the Congress of Colombia, every Department Assembly and every City Council, which determine what kind of taxes can be levied and which rates can be applied. The country inherited a harsh and diffused taxation policy from the Spanish Empire characterized by a heavy reliance on customs duties.
 | This article needs to be updated.(January 2021) |
National taxes are administered by the National Directorate of Taxes and Customs (Spanish : Dirección de Impuestos y Aduanas Nacionales, DIAN). [1] Some of these taxes include:
The value-added tax (VAT) is the main indirect tax. This rose to 19 percent in 2017; [2] up to the end of 2016 the tax was 16 percent of the price of merchandise, goods and services with some exceptions: public transportation, water supply and sanitation and the transportation of natural gas and hydrocarbons. The DIAN recognizes two separate categories (regimenes) of VAT: common and simplified. The first refers to businesses with estimated patrimony over 68 million Colombian pesos (about 34,000 USD), and the second refers to those with patrimony less than that. Although both are obligated to pay the same percentage, the simplified taxpayers are not obligated to conduct separate bookkeeping for the VAT or to generate invoices.
A 0.4% tax rate is imposed on all financial transactions, including withdraw money from ATM, promissory notes, wire transfers, internet banking, bank drafts and bank checks, money on term deposit, overdrafts, installment loans, securities underwriting commitments and other forms of off-balance sheet exposures, safekeeping of documents and other items in safe deposit boxes, currency exchange or unit trusts.
This tax requires the annual payment of 1% of the total patrimony of people with patrimony estimated over 5 thousand million pesos (about 1,4 million USD as of February 2021).
The table below shows the tax rate in units of UVT (Unidad de Valor Tributario), in which 1 UVT = $33,156 COP for 2018. [4] See UVT.
| Income Range in UVT [5] | Tax Rate |
|---|---|
| 0 to 1,400 | 0% |
| >1,400 to 1,700 | 19% |
| >1,700 to 4,100 | 28% |
| >4,100 | 33% |
In Colombia the natural persons who must present income declaration are classified on the next table. [6]
| Requisites | Amount in UVT |
|---|---|
| >4500 |
| >1400 |
For 2019 are:
See UVT.
Both the employer and the employee are subject to monthly payroll taxes from the employee's gross salary, as follows: [7]
The local taxes are fixed by Local Councils through Acuerdos. This group of taxes includes:
The local council on each city fix the rate between this parameters: [8]
UVT (Unidad de Valor Tributario) means Tax Value Unit. Instead of setting a range in Colombian pesos, DIAN has the UVT value which represents a variable amount of pesos, and is updated at least every year. The next table shows the variation of this index in Colombia per year.
The Colombian peso is the currency of Colombia. Its ISO 4217 code is COP. The official peso symbol is $, with Col$. also being used to distinguish it from other peso- and dollar-denominated currencies.
A wealth tax is a tax on an entity's holdings of assets or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts. Typically, wealth taxation often involves the exclusion of an individual's liabilities, such as mortgages and other debts, from their total assets. Accordingly, this type of taxation is frequently denoted as a netwealth tax.
The Unidad de Fomento (UF) is a unit of account used in Chile. It is a non-circulating currency; the exchange rate between the UF and the Chilean peso is constantly adjusted for inflation so that the purchasing power of the Unidad de Fomento remains almost constant on a daily basis during low inflation. It was created on 20 January 1967, for the use in determining the principal and interest in international secured loans for development, subject to revaluation according to the variations of inflation. Afterwards it was extended to all types of bank loans, private or special financing, purchases and investments on instalments, contracts, and some special situations. It is also used in legal standards such as the par value of stock and capitalization of companies, and fines.
In France, taxation is determined by the yearly budget vote by the French Parliament, which determines which kinds of taxes can be levied and which rates can be applied.
The escudo was the currency of Chile between 1960 and 1975, divided into 100 centésimos. It replaced the (old) peso at a rate of 1 escudo = 1000 pesos and was itself replaced by a new peso, at a rate of 1 peso = 1000 escudos. The symbol Eº was used for the escudo.
International tax law distinguishes between an estate tax and an inheritance tax. An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate of a person who has died. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax.
The Fiscal and Customs Police is a unit of the Colombian National Police under the command of its Operative Directorate. The unit is in charge of investigating large financial frauds, and usually supports the National Directorate of Taxes and Customs.
Taxation represents the biggest source of revenues for the Peruvian government. For 2016, the projected amount of taxation revenues was S/.94.6 billion. There are four taxes that make up approximately 90 percent of the taxation revenues:
This is a list of the maximum potential tax rates around Europe for certain income brackets. It is focused on three types of taxes: corporate, individual, and value added taxes (VAT). It is not intended to represent the true tax burden to either the corporation or the individual in the listed country.
The Ministry of Finance of Chile is the cabinet-level administrative office in charge of managing the financial affairs, fiscal policy, and capital markets of Chile; planning, directing, coordinating, executing, controlling and informing all financial policies formulated by the President of Chile.
Due to the absence of the tax code in Argentina, the tax regulation takes place in accordance with separate laws, which, in turn, are supplemented by provisions of normative acts adopted by the executive authorities. The powers of the executive authority include levying a tax on profits, property and added value throughout the national territory. In Argentina, the tax policy is implemented by the Federal Administration of Public Revenue, which is subordinate to the Ministry of Economy. The Federal Administration of Public Revenues (AFIP) is an independent service, which includes: the General Tax Administration, the General Customs Office and the General Directorate for Social Security. AFIP establishes the relevant legal norms for the calculation, payment and administration of taxes:
The Economic Agreement is a juridical instrument that regulates the taxation and financial relations between the General Administration of the Kingdom of Spain and the Autonomous Community of the Basque Country.
Taxes in Spain are levied by national (central), regional and local governments. Tax revenue in Spain stood at 36.3% of GDP in 2013. A wide range of taxes are levied on different sources, the most important ones being income tax, social security contributions, corporate tax, value added tax; some of them are applied at national level and others at national and regional levels. Most national and regional taxes are collected by the Agencia Estatal de Administración Tributaria which is the bureau responsible for collecting taxes at the national level. Other minor taxes like property transfer tax (regional), real estate property tax (local), road tax (local) are collected directly by regional or local administrations. Four historical territories or foral provinces collect all national and regional taxes themselves and subsequently transfer the portion due to the central Government after two negotiations called Concierto and the Convenio. The tax year in Spain follows the calendar year. The tax collection method depends on the tax; some of them are collected by self-assessment, but others follow a system of pay-as-you-earn tax with monthly withholdings that follow a self-assessment at the end of the term.
The United Arab Emirates is a federation of seven Emirates, with autonomous federal and local governments. The UAE has historically been a low-tax jurisdiction. The federal government and local governments are entitled to levy taxes on citizens and companies. The federal government currently levies a value added tax, corporate income tax, and excise taxes. Some emirates levy property, transfer, excise and tourism taxes. Some emirates also charge corporate taxes on oil companies and foreign banks.
Taxes in Uruguay are taxes collected mainly by the General Taxation Directorate in Uruguay.
The National Directorate of Taxes and Customs is a government agency responsible for financial regulation and tax collection in Colombia. The agency falls under the Ministry of Finance and Public Credit and is based in Bogotá.
A value-added tax is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of the tax is not the entity that pays it. Specific goods and services are typically exempted in various jurisdictions.
The National Congress of Nicaragua was the legislature of Nicaragua before the Nicaraguan Revolution of 1979.
