Colombia hikes VAT to 19%
- 28 October 2016 | Richard Asquith
Colombia has proposed raising its VAT rate from 16% to 19% as part of a package of measures to prevent the country losing its BBB credit rating following the sharp fall in global oil prices.
Colombia would also introduce VAT on electronic services provided to consumer by companies based outside of the country.
This hike would be implemented on 1 January 2017.
Other measures include improved tax administration, and policies in line with the OECD BEPS project to reduced VAT avoidance.
Colombia has levied VAT on the provision of electronic services to its consumers by non-resident providers. The measure comes into effect on 1 July 2018....
From 1 September 2018, large tax payers will be required to produce electronic VAT invoices. The Colombian tax authorities, DIAN, has already selected the companies...
Colombia plans to exempt a range of digital content provided electronically to consumers from VAT in order to boost its digital sector. The following services are...