Colombia: Tax preparation time
* indicates monthly or quarterly data series
| Colombia |
Tax preparation time, in hours |
|---|---|
| Latest value | 256 |
| Year | 2019 |
| Measure | hours |
| Data availability | 2005 - 2019 |
| Average | 261 |
| Min - Max | 193 - 456 |
| Source | The World Bank (doing business survey) |
The latest value from 2019 is 256 hours, unchanged from 256 hours in 2018. In comparison, the world average is 235 hours, based on data from 184 countries. Historically, the average for Colombia from 2005 to 2019 is 261 hours. The minimum value, 193 hours, was reached in 2011 while the maximum of 456 hours was recorded in 2005.
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Definition: Time to prepare and pay taxes is the time, in hours per year, it takes to prepare, file, and pay (or withhold) three major types of taxes: the corporate income tax, the value added or sales tax, and labor taxes, including payroll taxes and social security contributions.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 14.64 | 2023 | percent |
| Government spending, in dollars | 53.63 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -2.92 | 2023 | percent |
| Government debt | 60.30 | 2023 | percent |
| Government expenditure | 58,388.53 | Q3/2024 | billion |
| Long-term interest rate | 11.69 | 12/2024 | percent |
| Tax revenue | 15.28 | 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 | 37.90 | 2022 | percent |
| Taxes on international trade | 2.34 | 2022 | percent |
| Income and profits taxes | 32.81 | 2022 | percent |
| Foreign aid | 1,883.31 | 2022 | million U.S. dollars |