UVT 2020: Figures expressed in terms of minimum wages.

Article 49 of Law 1955 of May 25, 2019 (PND for the 2018 to 2022 term) provided that as of January 1, 2020 all fines, fees, tariffs, penalties and stamps that are currently expressed in terms of current legal monthly minimum wages -smmlv- (case, for example, of traffic fines, penalties of the Criminal Code and fees to renew the commercial registration) must be restated in UVT.

The rule in question expressly mentions the following:

“Article 49. calculation of values in UVT. As from January 1, 2020, all charges, penalties, fines, fees, rates, tariffs and stamps, currently denominated and established based on the legal minimum monthly salary in force (smmlv), shall be calculated based on their equivalence in terms of the Tax Value Unit (UVT). Henceforth, the updates of these values shall also be made based on the value of the UVT in force.

Paragraph. Charges, penalties, fines, fees, rates, tariffs and stamps, which are enforceable prior to January 1, 2020 will remain determined in smmlv.”

In a previous editorial we had the opportunity to highlight the advantages of the fact that the figures currently expressed in terms of minimum wages will start to be restated in UVT. And to illustrate what it will mean to convert the current items expressed in smmlv to items expressed in UVT, we can cite as an example one of the many fines contained in the National Transportation Code (Law 769 of 2002).

Article 77 of this code provides for a fine of 30 minimum legal daily wages -smdlv- for those who park in prohibited areas. To convert such figure to UVT, the following would be said: 30 smdlv is currently equivalent to $828,116, and 1 UVT at the end of 2019 is equivalent to $34,270. Therefore, the fine of Article 77 of the National Transportation Code, in terms of UVT, would be obtained as follows: $828,116 / $34,270 = 24.16 UVT.

“during 2020, to obtain the value in pesos of the fines and penalties, only the amount of such UVT will be taken and multiplied by the new value of the UVT that will be in force as of January 1, 2020”.

Historical variations of the UVT

The UVT has reached the following official values:

a. $20,000 for the year 2006

b. $20,974 for the year 2007

c. $22,054 for the taxable year 2008

d. $23,763 for taxable year 2009

e. $24,555 for the 2010 taxable year

f. $25,132 for the taxable year 2011

g. $26,049 for the taxable year 2012

h.$26,841 for the taxable year 2013

i. $27,485 for taxable year 2014

j. $28,279 for the taxable year 2015

k. $29,753 for the taxable year 2016

l. $31,859 for the taxable year 2017

m. $33,156 for the taxable year 2018

n. $34,270 for taxable year 2019.

Source: Update