The Colombian government collected 45.40 trillion pesos ($22.73 billion) in taxes in the first eight months of the year, up 8% from the same period a year ago, the country’s tax agency, known as DIAN, said Monday.
The tax revenues were lower than the COP46.03 trillion the DIAN expected to collect over the period.
Revenues from domestic taxes reached COP33.8 trillion, up 10% from the same period a year ago.
The revenues from tariffs in the first eight months of the year fell 0.8% from the same period a year ago, DIAN said.
Finance Minister Oscar Ivan Zuluaga recently attributed that decline to the appreciation of the peso. Tariffs on imports to Colombia are charged in dollars, which translates to fewer pesos for the government as the peso has appreciated 13% so far this year.
Zuluaga had said the government expects tax collection will end the year 1.4 trillion Colombian pesos ($701 million) below its previous target. The new tax-collection goal for 2009 is COP68.2 trillion.
The Colombian government expects its consolidated deficit will be equivalent to 2.6% of the country’s gross domestic product. (Dow Jones)