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Tax Obligations of Colombian Companies
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In Colombia, companies are subject to the following taxes: VAT, ICA, Income Tax, Wealth Tax, Withholding Tax and Taxes on Financial Transactions. We will discuss with you any applicable taxes and other financial obligations.
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Value Added Tax (VAT)The Value Added Tax (VAT) is a national tax levied on the sale of goods, provision of services, imports and distribution as well as and gambling.
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ICAThe Industry, Signs and Boards Tax (ICA) is a municipal tax levied on all industrial, commercial and service sectors.
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Income TaxThe income tax is a national tax, levied on the net profit, of each calendar year.
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The decisions that you make will have tax implications for your company.
Wealth TaxThe Wealth tax is a tax on the net assets of the company as of 1 January of each calendar year.
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Withholding TaxThe Withholding Tax is not really a tax, but given its potential effect on the company's cash flow and financial situation it is included here. Withholding Tax is really an advance payment of income tax.
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Tax on Financial Transactions (GMF)The Tax on Financial Transactions (GMF) is a tax on financial transactions, money paid into bank accounts, savings, deposits with the Banks of the Republic, or cheque payments. The rate is 0.4%.
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