This paper analyzes the evolution of the productivity indicators - collection effectiveness - and progressivity - contribution to equity - in the tax on financial movements (GMF by its abbreviation in Spanish), in order to investigate whether this tax has complied with the tax principles of regressivity and equity. The aim of the study is to perform a detailed analysis of the GMF structure for the period 1999-2018, by the construction of the progressivity/regressivity indicator and the productivity indicator, in order to visualize collection behavior with respect to gross domestic product. Also, and by means of an indirect tax, we seek to exemplify the path that tax policy in Colombia pursued between 1999 and 2018, which, according to the Political Constitution of 1991, should have sought to contribute to equity. The theory suggests that indirect taxes have advantages in terms of collection productivity, but negative effects in terms of progressivity. However, the indicators examined for the GMF tax suggest an improvement in progressivity while productivity decreases, showing that this is a tax that sacrifices productivity to gain progressivity.
