Individuals: Who are obliged to file income tax returns?

As of August 11, 2020, the deadlines for filing income tax returns corresponding to the taxable year 2019 by individuals and unliquidated successions in Colombia begin. But who is obliged to file this return?

All individuals and illiquid successions that meet any of the following conditions must file income tax returns for the taxable year 2019 in 2020:

1. that the gross net worth as of December 31, 2019 is equal to or greater than four thousand five hundred (4,500) UVT ($154,215,000).

2. That the gross income (Ordinary and extraordinary) during the year 2019 be equal or higher than one thousand four hundred (1,400) UVT ($47,978,000).

3. That the consumptions by means of credit card during the year 2019 are equal or higher than one thousand four hundred (1,400) UVT ($47,978,000).

4. That the total value of purchases and consumptions during the year 2019 are equal or higher than one thousand four hundred (1,400) UVT ($47,978,000).

5. That the total accumulated value of bank consignments, deposits or financial investments, during the year 2019 be equal or higher than one thousand four hundred (1,400) UVT ($47,978,000).

Decree 2345 of December 23, 2019.

It is recommended to consult with a public accountant to determine with certainty the obligation or not to declare income, since the tax legislation contemplates particularities in the way of determining for example the patrimonial value of the assets, and any error could cause a punishable omission in the future.

Source: consultorcontable