The 2012 worldwide VAT, GST and sales tax guide

C HINA – COLOMBIA 127
The Chinese VAT tax periods vary in length. A VAT tax period
may be 1 day, 3 days, 5 days, 10 days, 15 days, 1 month or 1
quarter. The length of the tax period is determined by the local
tax authorities, based on the amount of VAT payable by the taxpayer.
For taxpayers that have a VAT tax period of 1 month or 1
quarter, they must submit VAT returns and pay the VAT due on a
monthly or quarterly basis within 15 days after the end of the
period.
Transitional VAT exemption and VAT refund policies. The VAT
pilot rules set out 13 specific VAT exemptions, such as technology
transfers and outsourcing-type services, and 4 types of transactions
that are subject to special VAT refund measures.
For taxpayers included in the VAT pilot that have obtained BT
incentives before 31 December 2011, the taxpayers may enjoy
VAT incentives in accordance with the VAT pilot rules until the
expiration of the BT incentive.
Colombia
(Country code 57 )
Bogotá GMT -5
Ernst & Young
Mail address:
Apartado Aereo 092638
Bogotá
Colombia
Street address:
Calle 113 No.7-80
5th Floor
Bogotá
Colombia
Indirect tax contacts
Gustavo Pardo +57 (1) 484-7130
Email: gustavo.pardo@co.ey.com
Luz Maria Jaramillo +57 (1) 484-7230
Email: luz.jaramillo@co.ey.com
Diego Casas +57 (1) 484-7050
Email: diego.e.casas@co.ey.com
A. At a glance
Name of the tax
Value-added tax (VAT)
Local name
Impuesto sobre las ventas (IVA)
Date introduced 29 December 1983
European Union (EU)
member state
No
Administered by
Dirección de Impuestos y
Aduanas Nacionales (DIAN)
(http://www.dian.gov.co)
VAT rates
Standard 16%
Reduced and increased 1.6%/10%/20%/25%/35%
Other
Zero-rated (exempt)
VAT number format Tax identification number (NIT)
VAT return periods Bimonthly