If the tax return is corrected before the expiration of the deadline, does it not generate a penalty?

Article 644 of the tax statute, which regulates the aspects related to the penalty for correction of tax returns, was modified the first numeral by Article 285 of the Structural Tax Reform Law 1819 of 2016, this now contemplates the possibility of correcting the return before the expiration of the deadline for its presentation without this implying the liquidation of the penalty for correction.

Let us recall that the previous version of said numeral indicated that when a correction was made to a return, before the summons to correct or the order ordering the tax inspection visit, the taxpayer had to liquidate and pay a penalty equivalent to 10% of the higher value to be paid or the lower balance in favor.

The new version establishes that such penalty shall be applied when the correction is made after the term established by the Government to file the return and before the summons to correct or the order ordering the tax inspection visit is issued.

It is worth remembering that, as the second numeral and the paragraphs of the article in question were not modified, if the correction is made after the summons or order is issued, the penalty will correspond to 20% of the higher amount to be paid or the lower balance in favor.

The above, as long as the tax return has not been filed out of time, because if such situation has occurred, the value of the penalty will be increased by 5% without exceeding 100% of the higher amount payable or the lower balance in favor.

Source: Actualícese.

Corregir declaración tributaria antes del vencimiento del plazo no genera sanción