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Colombia Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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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
Spanish

Corruption perception index (Source: Transparency International)
96/180

High 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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