Winter rains could hit Colombia’s tax revenue

The current rainy season could negatively impact 2012 tax revenue, said the director of Colombia’s national tax office, DIAN, Colombia media reported Wednesday.

DIAN director Juan Ricardo Ortega said during a Congress debate that the repercussions of the winter rains were affecting businesses’ incomes – which could have a knock-on effect on tax payments.

“I don’t think there will be an impact this year — if there is an impact it will be felt next year. Last year was very difficult,” said Ortega.

Ortega went on to elaborate on the challenges businesses are facing. He said “There are exporters who are not able to bring out their merchandise [to market]. The bridges and roads are in bad condition, which is leaving some people trapped and unable to meet their business promises.”

The tax agency director said that tax revenue in 2010 was $36.5 billion and this year there had been an increase of $7.5 billion. Annually Colombia produces $40 billion — $150 million a day on average.

The Colombian government assigned $30.24 million Tuesday to confront emergencies caused by the current rainy season.

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