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"Over the years Colombian tax officials have received the benefit of first-class advice of leading foreign scholars. In return, these scholars--and indeed everyone concerned with development policy--have gained a great deal both from the unusual willingness of Colombians to consider new ideas in detail and then, after full public discussion, drawing on the work of these experts to design a 'made-in-Colombia' solution. "[The book's] most important contribution, however, is undoubtedly with respect to consumption taxes. No one, anywhere, has thought through with such care just how the so-called 'simplified alternative tax' (essentially a direct personal consumption tax combined with a cash-flow corporate tax) might work in the real world. Since such taxes are increasingly being considered--if not adopted--all over the world, in developing and developed countries alike, for this reason alone this book should be high on the reading list of all those concerned with the design and implementation of efficient and equitable direct tax systems."--From the Foreword by Richard M. Bird
Cavelier Abogados is proud to present again the latest edition of Doing Business in Colombia. The country has experienced significant changes since the First Edition was published in 2000. This volume includes a general overview of the Colombian legal system, regulations relating to business incorporation, labor, immigration and some specific samples of the main civil and commercial contracts used in the country. It also includes the latest developments in environmental law, intellectual property law, unfair competition, zoning law, taxes, international treaties, state contracts and regulations regarding foreign investment. The authors have prepared special chapters to provide in-depth coverage of certain matters that have gained importance such as asset laundering prevention, economic insolvency and corporate governance that will provide readers with an accurate idea of the legal situation of a country that is quickly becoming very attractive for foreign investment. Given the number of free trade agreements Colombia is party to and the growth of its national economy, Doing Business in Colombia is an important and timely work.

Colombia

International Monetary Fund. Western Hemisphere Dept.

Published: 2019-04-29

Total Pages: 16


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This Selected Issues paper examines the impact of the Financing Law on both tax revenues and the economy. This paper assesses the main tax measures introduced by the law and their dynamic impact on tax revenue through macroeconomic transmission channels. Despite various reforms in recent years, non-oil tax revenues in Colombia remain comparatively low. The Financing Law should raise tax revenues in 2019 but will likely create shortfalls thereafter. The model-based simulations point to sizeable increases in private investment. The simulations suggest that the Law could boost medium-term growth by around 0.2 percent of GDP but will reduce tax revenues by over 1/2 percent of GDP in the medium term. The key channel is through a lower corporate burden through lower corporate income tax and allowing input credit for value added tax on capital goods. The analysis finds that the Law may boost medium-term growth by around 0.2 percent of GDP, but it may lead to future tax revenue shortfalls starting in 2020.