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Project to provide electronic invoicing for tax collection should boost Colombian government

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$12 million loan will benefit companies by lowering cost of complying with tax obligations and will facilitate trade between Colombia and other countries

20 March 2013 – Washington, DC, USA and Bogota, Colombia – The Inter-American Development Bank (IDB) has announced approval of a $12 million loan to Colombia that will allow it to develop and implement a system of electronic invoicing, which will increase the country’s tax and customs-duty collection capability and will ease Colombia’s insertion into the international economy.

Man pressing digital button in a futuristic touchscreen monitorThe Promotion and Extension of an Electronic Invoice in Colombia project will be a vital tool in the government’s efforts to combat tax evasion, which in the case of VAT stands at about 25 percent.

Besides reducing companies’ costs in complying with tax regulations, electronic invoicing will enhance the interoperability of billing systems with other countries in the region, which will contribute to the goal of increasing and facilitating trade within Latin America.

The project calls for the design and implementation of an electronic invoicing technological platform, and includes the provision of free computer services to small- and medium-size companies that are less developed from a business standpoint.

To learn more about this project, go to http://www.iadb.org/en/projects/project-description-title,1303.html?id=CO-L1138

For more about IDB projects in Colombia, visit http://www.iadb.org/en/countries/colombia/colombia-and-the-idb,1026.html.

Established in 1959, the Inter-American Development Bank (IDB) is a source of multilateral financing for sustainable economic, social and institutional development programs and projects throughout Latin America and the Caribbean.  More information about the IDB is at www.iadb.org.  For more about IDB projects, visit http://www.iadb.org/en/projects/projects,1229.html.

Source: Inter-American Development Bank