Information about Colombia Minimum wage and taxes.

In Colombia, the minimum wage is determined by an amount determined by the government each year. As of 2021, the minimum wage in Colombia is set at 908,526 Colombian pesos (approximately 245 US dollars). Employees in Colombia are still subject to taxes even if they earn above the minimum wage. Tax rates applied to employee income in Colombia vary depending on income level. The income tax rate is calculated based on a specific bracket of annual income. As of 2021, income tax rates are as follows: - 0% tax rate for income brackets between 0% and 19% - 19% tax rate for income brackets between 19% and 28% - 28% tax rate for income brackets between 28% and 33% - 33% tax rate for income brackets between 33% and 35% - 35% tax rate for income brackets between 35% and 39% - 39% tax rate for income bracket above 39% Additionally, in Colombia, social security premiums are also deducted from employees' salaries. Social security contributions are calculated based on a certain percentage of the employee's salary. The higher the employee's salary, the higher the social security premium. It is a legal obligation to file a tax return and pay taxes in Colombia. Income tax returns are filed once a year, usually by July 31. The return contains the amount of tax calculated based on the employee's earnings and other income. Various tax bases and deductions are available for filing and paying tax returns. Therefore, each individual's tax situation may be different.