If you file your income tax return after your due date, you will have to pay a penalty for late filing, known as extemporaneous filing penalty. This penalty is equivalent to 5% of your tax liability and increases with each month or fraction of a month that passes between the due date and the date … Read more
Taxing high pensions allows redirecting subsidies to finance social programs. The structure of the dividend tax makes its payment inefficient. Proposal on the new wealth tax would be temporary, with an initial validity of four years. On May 31, 2021, the Center for Economic Studies Anif presented the offprint La reforma fiscal: camino a la … Read more
By means of Decree 612 of June 4, 2021, the deadline for legal entities that qualify as micro and small companies to cancel the balance payable of their income tax return for the taxable year 2020 was extended again. The first extension was given with Decree 374 of 2021. On June 4, 2021, the Ministry … Read more
The income tax for micro and small companies corresponding to the taxable year 2020 must be paid in November 2021. Through Decree 612 of June 4, 2021, the National Government modified the tax calendar for SMEs, specifically in relation to the dates corresponding to the income tax for these companies. The tax calendar, as announced … Read more
President Iván Duque highlighted the commitment of entrepreneurs with the institutional framework and with the goal of hiring more than 600,000 young people in the second half of the year. President Iván Duque highlighted this Tuesday the commitment expressed by entrepreneurs to join the strategy to generate youth employment, thanks to the 25% subsidy to … Read more
A political consensus must be reached for a new tax reform bill. Centro Democrático’s proposal seeks to expand coverage of social programs and protect formal employment. Hernando Gómez assures that collection must be increased by at least 1.5 points of the GDP. The Minister of Finance José Manuel Restrepo continues trying to reach the necessary … Read more
Andi, Fenalco and the Consejo Gremial Nacional agree to suspend the discount of the industry and commerce tax, which by 2022 would be 100%. The Government would not look favorably on eliminating the special income tax rates for free zones and broadening the base of those responsible for the wealth tax. “The tax reform can … Read more
According to Article 336 of the ET, self-employed workers must choose between subtracting in their income tax return costs and expenses or 25% of exempt income. In no case both benefits may be taken together in the income tax return for the taxable year 2020. According to the new version of article 336 of the … Read more
Taxpayers who liquidate balances in favor in their returns may impute them in their private liquidation or request their compensation. Those interested in requesting the refund of a balance in favor or requesting a compensation must take into account certain deadlines. The request for refund of credit balances must be filed no later than two … Read more
Article 1.6.1.1.13.2.7 of DUT 1625 of 2016 indicates the requirements that determine when a natural person or illiquid succession is exempted from filing the income and supplementary tax return. Those who file voluntarily must take into account some aspects related to the return. As we have addressed in previous editorials, Article 1.6.1.1.13.2.7 of Decree 1625 … Read more
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