Colombia IVA Calculator

Colombia has a standard tax rate of 16%. The sales and service tax (VAT) also referred as IVA. Few services are exempted from VAT and they include public transportation, water supply and sanitation, transportation of natural gas and hydrocarbons.

Colombia VAT Calculator

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Colombia has a standard tax rate of 16%. The sales and service tax (VAT) also referred as IVA. Few services are exempted from VAT and they include public transportation, water supply and sanitation, transportation of natural gas and hydrocarbons.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Tax payers are differentiated as common and simplified by colombian tax agency. Common tax payers are those with patrimony over 68 million Colombian pesos, and others are grouped as Simplified . Simplified taxpayers are not needed to maintain separate books for accounting.

Example

Find the VAT price and net price in Colombia (GST % is 16) for an amount of 25000 $

Add Tax

Solution :
GST % = 16
Amount = 25000

Step 1 :
GST Price = (25000 * 16 ) / 100
     = 4000 $

Step 2 :
Net Price = 25000 + 4000
     = 29000 $

Hence the VAT Price is 4000 $ and Net Price is 29000 $

Remove Tax

Solution :
GST % = 16
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 16)))
                 = 25000 - (25000 * 0.86)
                 = 25000 - 21551.72
                 = 25000 - 21551.72
GST Price = 3448.28 $

Step 2 :
Net Price = 25000 - 3448.28
                = 21551.72 $

Hence the VAT Price is 3448.28 $ and Net Price is 21551.72 $

Tax payers are differentiated as common and simplified by colombian tax agency. Common tax payers are those with patrimony over 68 million Colombian pesos, and others are grouped as Simplified . Simplified taxpayers are not needed to maintain separate books for accounting.


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