Colombia Tax Codes

Tax codes determine how much tax is paid on each transaction line item. For NetSuite to calculate correct values on transaction records and tax reports, make sure that the tax codes for Colombia are set up correctly.

For more information on tax codes, see Tax Code Properties and Creating Tax Codes.

Tax Code Table for Colombia

Important:

Tax codes and tax rates for Colombia have changed for 2013. Be sure to edit your pre-2013 tax code records and set the Valid Until date to 31 December 2012. For 2013 transactions, create the following new tax codes with an Effective From date of 1 January 2013.

The following table shows the tax properties required to correctly generate the Colombia VAT report provided by the International Tax Reports SuiteApp. The tax code names or letters presented in the table are suggested names or default system preferences. You can rename the tax codes. Tax reports identify transactions by looking at the tax code properties, not the tax code names.

On the New Tax Code or Edit Tax Code page, check the boxes of the properties that apply to the tax code. For more information about tax code properties, see Tax Code Properties.

To understand how NetSuite uses the tax codes to get the values for the Colombia VAT report, see What goes into each box - Colombia VAT report.

Important:

Please consult your tax agency for the correct tax rates.

Tax Code	Description	Rate	Property	Tax Type	Purchase Tax Account	Sales Tax Account	Available On
S-CO	IVA Default	19%		IVA_CO	IVA on Purchases	IVA on Sales	Both (Sales and Purchases)
S5–CO	IVA Reduced Rate	5%	Reduced Rate	IVA5_CO	IVA on Purchases	IVA on Sales	Both (Sales and Purchases)
E-CO	IVA Exempt	0%	Exempt	IVA_CO	IVA on Purchases	IVA on Sales	Both (Sales and Purchases)
X-CO	IVA Export	0%	Export	IVA_CO		IVA on Sales	Sales
XS-CO	IVA Export - Services	0%	Export Applies to Service Items	IVA_CO		IVA on Sales	Sales
I-CO	IVA Import	19%	Import	IVA_CO	IVA on Purchases		Purchases
I5–CO	IVA Import - Reduced Rate	5%	Import Reduced Rate	IVA5_CO	IVA on Purchases		Purchases
IS-CO	IVA Import - Services (reduced rate)	5%	Import Applies to Service Items Reduced Rate	IVA5_CO	IVA on Purchases		Purchases
S5S-CO	IVA Reduced Rate - Services	5%	Applies to Service Items Reduced Rate	IVA5_CO	IVA on Purchases		Purchases
SS-CO	IVA Default - Services	19%	Applies to Service Items	IVA_CO	IVA on Purchases		Purchases
SB-CO	Special IVA rate - Beer	19%	Category: Beer	IVA_CO		IVA on Sales	Sales
SG-CO	Special IVA rate - Game of chance	19%	Category: Gambling	IVA_CO		IVA on Sales	Sales
NT-CO	No Tax Credit	0%	No Tax Credit	IVA_CO		IVA on Sales	Sales
N-CO	Non Taxable	0%	Non-Taxable	IVA_CO	IVA on Purchases	IVA on Sales	Both (Sales and Purchases)
NI-CO	Non Operational Import	0%	Non-Taxable Import	IVA_CO	IVA on Purchases		Purchases

Related Topics

Tax Accounting Overview

Enabling and Setting Up Taxation Features

Managing Tax Codes

Colombia Tax Setup

Colombia VAT Report

International Tax Reports

General Notices