Colombia

Despite the current economic deceleration, Colombia’s banking sector remains strong, with bank profitability, capital adequacy and return on equity (ROE) indicators holding up well during 2015. Loan portfolio growth reached 15.5% that year, according to Colombia’s central bank, while non-performing loans rose to 3.08% at the end of August 2015. Meanwhile, the capital adequacy ratio fell to 15....

As one of the larger economies in Latin America, Colombia has a track record of above-average GDP growth, a reputation for sound macroeconomic management and market-friendly policies. In 2015 it has demonstrated resilience, absorbing a significant oil price shock – petroleum accounts for roughly half of total exports –while maintaining positive, albeit slower, growth. The economy expanded by...

As peace talks between the government of Juan Manuel Santos Calderón and the leaders of the FARC continue in an effort to end 51 years of armed conflict, Colombia’s political climate could now be on the verge of significant change. Both sides agreed in September 2015 to set a deadline by which a final peace accord must be signed – March 23, 2016. If achieved, a peace accord could bolster...

As the peace negotiations between the government and FARC continue, Colombia’s art scene has begun to reflect the country’s newfound optimism. This chapter also includes helpful information for visitors, including hotel listings and contact information for various institutions such as embassies and government agencies.

Featuring an interview with Cesar Cheng Vargas, president, Deloitte Colombia, this chapter explores recent changes to Colombia’s tax system implemented in 2013, touching on areas such as corporate income taxes and reorganisations, tax havens, capital gains taxes and value-added taxes, among others.