Individuals not required to file a tax return: when is it not valid?

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 of 2016, as amended by Decree 1680 of 2020, states that individuals who meet the following requirements will not be required to file the income tax return for the taxable year 2020:

–Thatthe gross net worth on the last day of the taxable year 2020 does not exceed 4,500 UVT ($160,232,000).

–Thatthe gross income is less than 1,400 UVT ($49,850,000).

– Consumption by means of credit carddoesnot exceed 1,400 UVT ($49,850,000).

–Thatthe total value of purchases and consumptions does not exceed 1,400 UVT.

–Thatthe total accumulated value of bank consignments, deposits or financial investments does not exceed 1,400 UVT.

–Thatthey are not liable for VAT under the common regime at the end of the year.

Now then, individuals who comply with the above mentioned requirements have the possibility of filing the income tax return voluntarily. However, it is necessary to consider certain aspects related to this return. Let us see:

Voluntary return when the taxpayer is subject to withholdings at the source.

In accordance with the paragraph of Article 6 of the Tax Statute -ET-, individuals resident in Colombia, who have been subject to withholdings at source and do not meet the requirements to be obliged to file, may file such return voluntarily, which will have all the legal effects. Thus, taxpayers, who are not obliged to file the income tax return voluntarily, may request the refund of the balance in favor that they liquidate in the form 210 or also request it in compensation.

Source: Actualize