Tax collection in Colombia falls in October, but exceeds goal for the month

BOGOTÁ, Nov 19 (.) – Tax collection in Colombia contracted by 5.69% in October to 9.28 trillion pesos ($ 2,544 million) compared to the same month last year, although it reached a compliance of 101, 1% of the goal for that period, the National Tax and Customs Directorate (DIAN) reported on Thursday.

Tax collection for the tenth month was compared to 9.84 trillion pesos in October 2019.

DIAN did not immediately provide an explanation for the decline that occurs amid the impact caused by the coronavirus pandemic after a semi-paralysis of production activity with the closure of companies and a sharp decrease in domestic consumption.

Taxes associated with internal economic activity reached 7.25 billion pesos, while those related to foreign trade operations were 2.03 billion pesos.

Tax collection between January and October accumulated a drop of 8.85% to 121.5 billion pesos (33.308 million dollars), compared to one of 133.3 billion pesos in the same period of the previous year.

However, the amount reported a compliance goal of 100.6%.

The Government adjusted its tax collection goals to the new panorama derived from the pandemic and for this year it established a gross target of 144.23 billion pesos.

(1 dollar = 3,647.73 pesos) (Report by Nelson Bocanegra, additional report by Carlos Vargas. Edited by Luis Jaime Acosta)