Individuals: Who must file income tax returns in 2021?

The first question that you must resolve and be very clear about is whether as a natural person you must file your 2021 income tax return. The Dian establishes each tax year some ceilings for the income tax return in Colombia, taking into account factors such as income, goods, purchases, consumptions, consignments and transfers of the previous year.

The regulation establishes that salaried employees who are not liable for sales tax (VAT), whose gross income comes from at least 80 percent (80%) of payments originated in an employment relationship, are not obliged to declare income, provided that in relation to the taxable year 2020, all the requirements that we will explain below are met.

Limits to be obliged to file income tax returns in 2021

All individuals who meet the following conditions must file income tax returns in 2021:

–Thatthe gross net worth at the end of the 2020 taxable year is equal to or greater than $160,262,000.

–Thatthe total income of the respective taxable year is equal or higher than $49,850,000.

–Thatthe consumption by credit card is equal to or greater than $49,850,000.

–Thatthe total value of purchases and consumptions are equal to or greater than $49,850,000.

–Thatthe total accumulated value of bank deposits, deposits or financial investments be equal to or greater than $49,850,000.

Source: Tributi