Paying Taxes in Colombia

This section addresses the taxes and mandatory contributions that medium-sized domestic companies in Colombia must pay in a given year, as well as measures of the administrative burden of paying taxes and contributions.

The country data appearing on this page was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 183 economies. The most recent round of data collection for the project was completed in June 2009.

The table below shows the main indicators for paying taxes. They are:

  • the total number of payments per year;
  • the time it takes to prepare, file, and pay (or withhold) the corporate income tax, the value added tax and social security contributions (in hours per year); and
  • the total tax rate, which measures the amount of taxes and manda¬tory contributions payable by the business in the second year of operation, expressed as a share of commercial profits.

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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.