Tax returns: Deadlines for the second half of 2020

For the remainder of 2020, it is important that taxpayers of the different national taxes are attentive to the deadlines of their pending tax obligations.

Otherwise, they may be exposed to tax penalties. Each year, the National Government issues a decree through which it establishes the deadlines in which taxpayers of the different national taxes must comply with their formal and substantial obligations.

For 2020, the Government issued Decree 2345 of December 23, 2019, with which it set the dates for compliance with tax obligations.

However, given the atypicalities presented by the sanitary emergency generated by the spread of COVID-19 in the national territory, the Government issued Decrees 401, 435, 520 and 655 of 2020, in order to make some adjustments to Decree 2345, as well as to set new deadlines for the filing and payment of tax returns.

Now, for the remainder of 2020, it is important to keep in mind the dates by which these obligations must be complied with, and avoid being immersed in tax penalties. Below, we present the tax obligations that are about to expire:

Income tax return and assets abroad for individuals.

According to articles 1.6.1.1.13.2.15 and 1.6.1.13.2.26 of Decree 1625 of 2016, as amended by article 2 of Decree 2345 of 2019, between August 11 and October 21, 2020 natural persons obliged to file a tax return for the taxable year 2019 must file the income tax return and make the payment of the tax due.

On these same dates, those individuals who own assets abroad whose net worth value owned as of January 1, 2020 exceeds 2,000 UVT ($71,214,000), must file the respective return.

Tax normalization tax

In accordance with article 1.6.1.1.13.2.54 of Decree 1625 of 2016, added by article 11 of Decree 401 of 2020, those who as of January 1 of the current year have omitted assets or nonexistent liabilities and avail themselves of the tax normalization tax regulated by articles 53 to 60 of Law 2010 of 2019 and Decree 1010 of 2020, or those who opt for the tax reorganization established in article 59 of the aforementioned law, will have until September 25, 2020 to pay the tax due and file the return on form 445.

The above, regardless of the last digit of the NIT registered in the taxpayer’s RUT.

In the case of individuals who declare their assets omitted abroad, the deadline to file form 445 will expire on the same dates on which they must file the annual declaration of assets abroad.

Declaration and payment of the second installment of the wealth tax

“Between September 28 and October 9, 2020, the taxpayers of the wealth tax shall make the payment of the second installment and the filing of the respective declaration.”

Between September 28 and October 9, 2020, taxpayers of the wealth tax must make the payment of the second installment and the filing of the respective return in form 420 prescribed by the Dian through Resolution 000074 of the same year.

Let us remember that the payment corresponding to the first installment of the tax in question must be made between May 12 and 26, 2020 at the latest.

Consolidated annual tax return of the simple taxation regime

Individuals and legal entities that for the taxable year 2019 have opted to join the simple taxation regime, must file the consolidated annual unified tax return and pay the tax payable, between October 22 and 28, 2020, according to the last digit of the NIT registered in the taxpayer’s RUT.

Second installment of income tax for legal entities classified as micro, small and medium-sized companies.

Legal entities that are classified as micro, small and medium-sized companies, in accordance with articles 2.2.1.1.13.2.2 and 2.2.1.13.2.3 of Decree 1074 of 2015, shall pay the second installment of income tax corresponding to the taxable year 2010, no later than between November 9 and December 7, 2020, according to the last two digits of the NIT registered in the RUT, without taking into account the verification digit.

Source: Actualize