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Colombia

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About

Colombia

Capital
Official languages
Population 
Currency

ISO 4217

Bogotá

Spanish

50,882,894 (as of July 2020)

Colombian Peso

COP

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Economy

"Colombia's economy has been steadily growing over the past few years. According to the World Bank, the country's GDP grew by 2.7% in 2019, and is projected to grow by 3.2% in 2020. The country's inflation rate has also been relatively low, averaging 3.3% in 2019. Colombia's unemployment rate has also been decreasing, dropping from 9.7% in 2018 to 8.7% in 2019.

The country has also seen an increase in foreign investment, with the World Bank reporting that foreign direct investment (FDI) inflows to Colombia increased by 8.3% in 2019. This was largely driven by increased investment in the country's oil and gas sector.

Overall, Colombia's economy has been performing well, with steady growth and low inflation. The country has also seen an increase in foreign investment, which is likely to continue in the coming years."

Taxation

In Colombia, both individuals and corporations are subject to income tax.


For individuals, income tax rates are progressive, ranging from 0% to 39%, depending on the income level. The tax year runs from January 1st to December 31st of each year, and tax returns are typically due by the end of July of the following year.


In addition to income tax, individuals in Colombia may also be subject to other taxes such as value-added tax (VAT), which is currently 19%, and wealth tax for those with a net worth above a certain threshold.


For corporations, the standard income tax rate is 32%, with certain industries and activities being eligible for tax incentives and deductions. The tax year for corporations also runs from January 1st to December 31st of each year, with tax returns typically due by the end of March of the following year.


Colombia also has a number of other taxes that may be applicable to corporations, such as the industry and commerce tax, the financial transactions tax, and the consumption tax.


Payment of taxes can be made through various channels, such as online, through banks, or at designated payment centers. Failure to pay taxes on time can result in penalties, interest charges, and other legal consequences.


Overall, Colombia has a well-established tax system with a clear set of regulations and guidelines. Taxpayers are encouraged to consult with local tax advisors or government authorities for further information on tax obligations and requirements.

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