Decrees 2,222 and 2,301 of 5 and 19 December 1996, respectively, amended the tax tables for individuals for the tax year 1997, as indicated below.
Extract of tax table for tax year 1997:
Taxable Income(COP) Average Tax Rate Tax Due (COP) of Bracket (%) Up to 10,600,000 0 0 10,600,001 - 10,800,000 0.19 20,000 15,000,001 - 15,200,000 5.96 900,000 20,000,001 - 20,200,000 11.33 2,278,000 25,200,001 - 25,400,000 14.96 3,786,000 30,000,001 - 30,200,000 17.20 5,178,000 35,000,001 - 35,200,000 18.88 6,628,000 40,000,001 - 40,200,000 20.14 8,078,000 45,000,001 - 45,200,000 21.50 9,696,000 50,000,001 - 50,200,000 22.85 11,446,000 50,200,000 and over 11,446,000 +35% on the excess
Extract of tax table applicable from 1 January 1997 to monthly wages:
Bracket (COP) Withholding Rate (%) Tax Due (COP) Up to 840,000 0 0 840,001 - 850,000 0.12 1,000 900,001 - 910,000 1.44 13,000 1,000,001 - 1,050,000 3.61 37,000 2,000,001 - 2,050,000 14.59 295,500 3,000,001 - 3,050,000 19.36 585,500 4,000,001 - 4,050,000 22.87 920,500 4,100,001 - 4,150,000 23.16 999,500 4,150,001 and over 955,500 +35% on the excess
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Mario Andrade, Deloitte & Touche, Santafe de Bogota, Colombia on Tel: +57 1 256 1548, Fax: +57 1 256 1557