Income tax return: filing with a 5% tax penalty

Taxpayers who did not file income tax returns may still do so. These persons must pay a penalty for untimeliness corresponding to 5% of the tax per month or fraction of month and liquidate the corresponding interest.

Last October 19 was the deadline for individuals to file income tax returns with the Dian, however, the entity again invited taxpayers who did not file their respective returns on the established dates to do so. However, these persons must pay a penalty for untimeliness corresponding to 5% of the tax per month or fraction of a month and pay the corresponding interest.

It should be recalled that since last Friday it was known that a total of 2,902,256 individuals filed their income tax and complementary tax return for the taxable year 2017, which means an increase of 14 % in the number of filers according to preliminary figures of the Dian.

The preliminary collection reported by the systems is 2.32 trillion pesos, after deducting withholdings at source, tax advances paid the previous year and balances in favor of taxpayers. Which means that the established goal of 2 trillion pesos was exceeded and higher by 43 % than the figure collected by the entity in 2017 when it was 1.6 trillion pesos.

Source: Actualize