Colombia has 4th highest business tax rates in the world
Colombia has 4th highest business tax rates in the world
Posted by Claire Dennis on Oct 14, 2015
Colombia ranks fourth in the world for having the highest tax rates for businesses, according to the World Economic Forum’s Global Competitiveness Report.
On average, 75.4% of a business’ profits go towards taxes, according to the report.
This exceptionally high number places Colombia right at the bottom of competitiveness for this category: #137 out of the 140 countries measured in the report. While it’s fourth in the world, Colombia managed to rank only third in Latin America for highest tax rates, behind Argentina (#1) and Bolivia (#2).
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Consequently, the most problematic factor for doing business in Colombia is the South American country’s tax system, followed closely by corruption. The high tax rates reduce incentives to invest in Colombian businesses, and especially cause injury to smaller businesses, which have a narrower profit margin.
More:
http://colombiareports.com/colombia-has-4th-highest-business-tax-rates-in-the-world/
