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Colombia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
47,698,524 (July 2017 est.)GDP (PPP)
$712.5 billion (2017 est.)Second largest economy in South America
GDP growth rate
1.7% (2017 est.)After being around 4% for several years, it slowed due to the fall in commodity prices
GDP (PPP) per capita
$14,500 (2017 est.)Low
Local currency
Colombian Peso (COP)Weak currency dependent on commodity prices, which make the bulk of Colombian exports
Financial stability (Public debt)
53% of GDP (2017 est.)Medium (all public debt included), stable from the previous year
Inflation
4.3% (2017 est.)Medium to high, dramatically slowing from 2016 (7.5%)
Language
SpanishCorruption perception index (Source: Transparency International)
96/180High level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
19% standard VAT rate on the sale or import of goods and services Some goods such as some agricultural products and materials are taxed at 5%, 0% or exempted
Corporate Tax
33% standard corporate tax rate (minimum taxable income: 3.5% of the company's equity) 20% reduced rate for qualifying businesses located in Free Trade Zones (FTZs)
Duties
Customs duties range between 0% and 20%, depending on the goods classification and origin Importing means either entering goods in Colombia from abroad or from a Colombian Free Trade Zone (FTZ)
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