Paying Taxes in Colombia

The table below addresses the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year in Colombia, as well as measures of administrative burden in paying taxes.

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Tax or mandatory contributionPayments (number)Notes on PaymentsTime (hours)Statutory tax rateTax baseTotal tax rate (% profit)Notes on TTR
Social security contributions1online filing10211.6%gross salaries23.7 
Municipal tax6 -0.1%gross income20.2 
Corporate income tax 2 4034.0%taxable profit17.7 
Payroll tax0paid jointly-9.0%gross salaries10.2 
Financial transactions tax1 -0.4%withdrawals from bank account6.6 
Fuel tax1 -6.0%consumption value0.2 
Vehicle tax1 -fixed fee 0.2 
Real estate tax1 -0,002% to 0.033%assessed real estate value0 
Stamp duty1 -   small amount
Labor risk insurance0paid jointly-0.5%gross salaries included in previous
Welfare security system0paid jointly-8.0%gross salaries included in previous
Value added tax (VAT)6 6616.0%value added not included
Totals:20 208  78.7 


Notes:
Name of taxes have been standardized. For instance income tax, profit tax, tax on company's income are all named corporate income tax in this table.
The hours for VAT include all the VAT and sales taxes applicable.
The hours for Social Security include all the hours for labor taxes and mandatory contributions in general.