Colombia: Income and profits taxes
* indicates monthly or quarterly data series
| Colombia |
Income, profits, and capital gains taxes: percent of revenue |
|---|---|
| Latest value | 23.40 |
| Year | 2022 |
| Measure | percent |
| Data availability | 1998 - 2022 |
| Average | 21.83 |
| Min - Max | 15.73 - 27.05 |
| Source | The World Bank |
The latest value from 2022 is 23.4 percent, an increase from 21.83 percent in 2021. In comparison, the world average is 32.05 percent, based on data from 19 countries. Historically, the average for Colombia from 1998 to 2022 is 21.83 percent. The minimum value, 15.73 percent, was reached in 2011 while the maximum of 27.05 percent was recorded in 2017.
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Definition: Taxes on income, profits, and capital gains are levied on the actual or presumptive net income of individuals, on the profits of corporations and enterprises, and on capital gains, whether realized or not, on land, securities, and other assets. Intragovernmental payments are eliminated in consolidation.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 13.95 | 2022 | percent |
| Government spending, in dollars | 53.23 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -2.92 | 2023 | percent |
| Government debt | 60.30 | 2023 | percent |
| Government expenditure | 56,418.75 | Q3/2023 | billion |
| Long-term government bond yield | 11.87 | 9/2023 | percent |
| Tax revenue | 15.35 | 2022 | percent |
| Commercial tax rate | 71.20 | 2019 | percent |
| Tax preparation time | 256 | 2019 | hours |
| Number of taxes | 10 | 2019 | taxes |
| Taxes on goods and services | 27.02 | 2022 | percent |
| Taxes on international trade | 1.67 | 2022 | percent |
| Income and profits taxes | 23.40 | 2022 | percent |
| Foreign aid | 1,914.81 | 2021 | million U.S. dollars |