BOGOTA, Jan 12 (Reuters) - Colombia collected 126.7 trillion pesos ($42.5 billion) in tax revenues last year, the country's tax authority said on Thursday, up 2.4 percent from a year earlier but below the government's target.

Lawmakers in the Andean country, which has Latin America's fourth-largest economy, recently passed a tax reform bill that aims to raise billions of dollars to make up for lost oil revenue and preserve an investment grade credit rating.

The reform comes into force this year.

The government had set a tax collection goal of 130.1 trillion pesos for last year.

Internal taxes accounted for 85 percent of duties collected in 2016, the DIAN tax authorities said in a statement on their website. Charges on external commerce contributed the remaining 15 percent.

In 2015, the country collected 123.7 billion pesos in duties. ($1 = 2,980.80 Colombian pesos) (Reporting by Julia Symmes Cobb and Carlos Vargas; Editing by Chizu Nomiyama)