New Colombian tax rules have come into effect from 1 January 2013. Purpose behind this tax reform was to decrease the country’s unemployment rate and address society’s high wealth differences.
The reforms have decreased the corporate income tax rate from 33% to 25%, though it has introduced a new 8% equity tax. Payroll taxes on employers are decreased from 29% of monthly pay to 16%. The number of VAT rates is reduced to three, these being 16%, 5% and the zero rates.
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