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Colombia's Jan-April tax collection misses target by 2.5 pct
May 30, 2013 / 7:08 PM / 5 years ago

Colombia's Jan-April tax collection misses target by 2.5 pct

BOGOTA, May 30 (Reuters) - Colombian tax collection in the first four months of the year missed the government’s target by 948.9 billion pesos ($501 million), according to preliminary data seen by Reuters on Thursday.

The Andean nation raised 36.5 trillion pesos ($19.3 billion) in taxes between January and April, 2.5 percent below the target set by the national tax office, or DIAN.

Collection of custom duties, value added taxes, income taxes and fuel duties were all under target, according to the documents accessed by Reuters. The documents did not show if tax collection had increased or decreased versus the same period last year.

The government’s tax collection target for full-year 2013 is at 100.3 trillion pesos, up from 94.97 trillion pesos last year.

The head of the Finance Ministry’s public credit office Michel Janna last week said lower tax collection could threaten the government’s fiscal targets, although he said that was not a risk in the short term.

“In fiscal terms the existing risks - which we don’t actually expect to be realized - could be felt in several levels. One of them is lower tax collection if the economy grows below what we expect,” Janna told Reuters in an interview.

The Colombian government last month unveiled a package of measures to stimulate economic growth that includes tax cuts for companies and exemptions on import duties as well as steps to speed public spending in infrastructure.

The measures are aimed at fueling economic growth to 4.8 percent in 2013, up from 4 percent last year.

Analysts, however, expect 4 percent growth this year, while the Central Bank sees expansion at 4.3 percent.

1 US$ = 1,894.13 pesos.

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