Taxation and Investment in Colombia:
The Colombian corporate tax system is highly complex and distortive. The effective tax burden on businesses is very high due to the combined effect of the corporate income tax, the corporate surtax introduced in 2012 (CREE), the net wealth tax on business assets and the value added tax (VAT) on fixe...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2015
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1204 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The Colombian corporate tax system is highly complex and distortive. The effective tax burden on businesses is very high due to the combined effect of the corporate income tax, the corporate surtax introduced in 2012 (CREE), the net wealth tax on business assets and the value added tax (VAT) on fixed assets. Indeed, in addition to high statutory taxes on corporate income, formal sector businesses are subject to a wealth tax on their net assets and to a production-based VAT system under which VAT paid on the purchases of fixed assets is not creditable against output VAT. Calculations in this paper find that the total marginal effective tax rate reaches about 60% for equity-financed investments. Such a high effective corporate tax burden is likely to deter investment and to further encourage tax evasion in the future and therefore calls for a fundamental business tax reform. This paper also reviews the other key elements of the capital income tax system in Colombia. This Working Paper relates to the 2014 OECD Economic Survey of Colombia (www.oecd.org/eco/surveys/economic-survey-colombia.htm) |
| Beschreibung: | 1 Online-Ressource (30 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5js1pz3d0j8r-en |
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| 520 | |a The Colombian corporate tax system is highly complex and distortive. The effective tax burden on businesses is very high due to the combined effect of the corporate income tax, the corporate surtax introduced in 2012 (CREE), the net wealth tax on business assets and the value added tax (VAT) on fixed assets. Indeed, in addition to high statutory taxes on corporate income, formal sector businesses are subject to a wealth tax on their net assets and to a production-based VAT system under which VAT paid on the purchases of fixed assets is not creditable against output VAT. Calculations in this paper find that the total marginal effective tax rate reaches about 60% for equity-financed investments. Such a high effective corporate tax burden is likely to deter investment and to further encourage tax evasion in the future and therefore calls for a fundamental business tax reform. This paper also reviews the other key elements of the capital income tax system in Colombia. This Working Paper relates to the 2014 OECD Economic Survey of Colombia (www.oecd.org/eco/surveys/economic-survey-colombia.htm) | ||
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| spelling | Perret, Sarah VerfasserIn aut Taxation and Investment in Colombia Sarah, Perret and Bert, Brys = Fiscalité et investissement en Colombie / Sarah, Perret et Bert, Brys Fiscalité et investissement en Colombie Paris OECD Publishing 2015 1 Online-Ressource (30 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1204 The Colombian corporate tax system is highly complex and distortive. The effective tax burden on businesses is very high due to the combined effect of the corporate income tax, the corporate surtax introduced in 2012 (CREE), the net wealth tax on business assets and the value added tax (VAT) on fixed assets. Indeed, in addition to high statutory taxes on corporate income, formal sector businesses are subject to a wealth tax on their net assets and to a production-based VAT system under which VAT paid on the purchases of fixed assets is not creditable against output VAT. Calculations in this paper find that the total marginal effective tax rate reaches about 60% for equity-financed investments. Such a high effective corporate tax burden is likely to deter investment and to further encourage tax evasion in the future and therefore calls for a fundamental business tax reform. This paper also reviews the other key elements of the capital income tax system in Colombia. This Working Paper relates to the 2014 OECD Economic Survey of Colombia (www.oecd.org/eco/surveys/economic-survey-colombia.htm) Economics Colombia Brys, Bert MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5js1pz3d0j8r-en Volltext |
| spellingShingle | Perret, Sarah Taxation and Investment in Colombia Economics Colombia |
| title | Taxation and Investment in Colombia |
| title_alt | Fiscalité et investissement en Colombie |
| title_auth | Taxation and Investment in Colombia |
| title_exact_search | Taxation and Investment in Colombia |
| title_full | Taxation and Investment in Colombia Sarah, Perret and Bert, Brys = Fiscalité et investissement en Colombie / Sarah, Perret et Bert, Brys |
| title_fullStr | Taxation and Investment in Colombia Sarah, Perret and Bert, Brys = Fiscalité et investissement en Colombie / Sarah, Perret et Bert, Brys |
| title_full_unstemmed | Taxation and Investment in Colombia Sarah, Perret and Bert, Brys = Fiscalité et investissement en Colombie / Sarah, Perret et Bert, Brys |
| title_short | Taxation and Investment in Colombia |
| title_sort | taxation and investment in colombia |
| topic | Economics Colombia |
| topic_facet | Economics Colombia |
| url | https://doi.org/10.1787/5js1pz3d0j8r-en |
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