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
