2020 Taxes: New payment dates

The Dian regulated the tax deadlines set in the Growth Law and included the changes made due to the coronavirus pandemic and its effect on several industries.

Due to the spread of the coronavirus in Colombia, the National Tax and Customs Directorate (Dian) gave the go-ahead to change some dates for tax returns and payment of taxes.

In addition, the entity regulated the new taxes that were created in the Economic Growth Law or tax reform, approved at the end of last year by the Congress.

Among the clarifications made in the decree for compliance with tax obligations are adjustments in income, tax works and the new tax amnesty.

Income Tax

– Largetaxpayersthat are commercial air passenger transportation companies, hotels, and those who have as their main economic activity, theatrical activities, live musical shows and other live shows, will have a maximum term to pay the second installment of Income Tax until July 31, 2020 and the payment of the third installment until August 31, 2020.

– Companies withthesame activities will have a maximum term to pay the first installment of income tax until July 31, 2020 and the payment of the second installment until August 31, 2020.

–Thefiling of the return must be made within the deadlines established for large taxpayers between April 14 and April 27 and for legal entities between April 14 and May 12.

–Thefinancial institutions obliged to pay the income surtax shall settle an advance payment calculated on the taxable base of the income tax for the taxable year 2019 and make two payments in equal installments as follows: The first (50%), between April 14 and 27 and the second (50%), between June 9 and 24.

Works for taxes

In this case, the companies that by March 31, 2020 request linkage of the Works for Taxes tax and comply with the established requirements, may file the income tax return and pay the first installment until May 29, 2020.

Large taxpayers under the same conditions may also file the return and pay the second installment until May 29, 2020.

Declaration of assets abroad

The declaration of assets abroad must be made when the net worth value of such assets held as of January 1, 2020 exceeds $71.2 million.

Those who file the tax normalization declaration and in it normalize assets omitted abroad, will have until September 25, 2020 to file the annual declaration of assets abroad.

Advances of the Simple Regime

The dates for advance payments of taxpayers enrolled in the simple regime were also established.

–January– February 2020: Between May 5 and 18, 2020.

–March– April 2020: Between June 9 and June 24, 2020.

–May– June 2020: Between July 7 and July 21, 2020

–July– August 2020: Between September 8 – 21, 2020

–September– October 2020: Between 10 and 24 November 2020

–November– December 2020: Between January 13 and January 26, 2021

Wealth Tax

Taxpayers subject to Wealth Tax must file the Wealth Tax return between September 28 and October 9, 2020, according to the last digit of the NIT.

These taxpayers must pay the total amount of the tax payable in two installments as follows:

–Firstinstallment: Between May 12 and May 26.

–Secondinstallment: Between September 28 and October 9.

Tax normalization

Finally, according to the Dian, the deadline to declare and pay the tax normalization complementary tax (tax amnesty) remains September 25, 2020.

Source: Actualícese