Colombia increases VAT rate to 19%

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Colombia is due to increase its value-added tax (VAT) rate from 16 percent to 19 percent. The measure was included in a tax reform bill that was recently approved by Congress. The increased rate would come into effect from 2017.  Currently VAT rate is 16% of the price of merchandise, goods and services excluding public transportation, water supply and sanitation and the transportation of natural gas and hydrocarbons.

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