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Finance and Taxation It is important to note that both the national government's budget and the local government's budgets run significant deficits. The national order taxes are administered by the DIAN National Tax and Customs Direction. Some of these taxes are, among others The Value-added tax (IVA) is a variant of the sales-tax. This tax charges 16% of the price of sale of all kind of merchandise, goods, and services, with some exceptions the public transportation, the Water supply and sanitation, and the transportation of natural gas and hydrocarbons. The Dian recognizes two separated categories (regimenes) of IVA responsibles The common and the simplified. The first refers to commercers with estimated patrimony over 68 million Colombian pesos (about 34,000 dollars), and the second refers to those with patrimony lesser to that. Although both are obligated to pay the same percentage, the simplified responsibles are not obligated to carry separated bookkeepings for the IVA or to generate sale bills.
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