Wealth tax: Individuals and illiquid successions.

The deadlines to declare and pay the first installment of this tax obligation began on May 9, 2018 and will be extended until May 23, 2018. Form 440 was only ready at Muisca on May 4, 2018. Legal entities no longer have to file this return.

Article 1.6.1.1.13.2.25 of DUT 1625 of 2016, as amended by Article 1 of Decree 1951 of 2017, stipulates the deadlines for individuals and unliquidated successions to file and cancel in a timely manner their wealth tax return for the taxable year 2018. In this sense, the deadlines to file and pay the first installment started on May 9, 2018 and will go until May 23, 2018 depending on the last digit of the taxpayer’s NIT, as follows:

The payment of the second installment may be made between September 11 and 24, 2018, for such purpose. However, it is valid to take into account that article 1.6.1.1.13.2.47 of DUT 1625 of 2016 provides that if the balance payable of the return is less than 41 UVT (equivalent to $1,359,000 for 2018) then such balance may not be paid in two installments but in only one, and such payment must be made within the same deadlines stipulated for filing the tax return.

Who must comply with this obligation?

“this would be the last period in which individuals and illiquid inheritances would comply with the obligation to file the wealth tax return”.

The wealth tax appeared with the Reform Law 1627 of 2012 and is in charge of certain natural persons and illiquid successions until the taxable year 2018, while in the case of legal entities and de facto corporations it was in force until 2017 (see paragraph 2 of article 292-2 of the ET). According to the above, this would be the last period in which individuals and unliquidated successions would comply with the obligation to file the wealth tax return.

According to article 294-2 of the ET the individuals and illiquid successions that must file this return are those that as of January 1, 2015 had a wealth holding equal to or greater than 1,000 million pesos and, provided that they have not disappeared as taxpayers before January 1, 2018.

The taxable base corresponds to the net worth as of January 1, 2018, and as in the previous year, the novelties introduced by the structural tax reform in the definition of the net worth value of assets, liabilities and equity must be taken into account. In the editorial Patrimonio a enero 1 de 2017 y declaración del impuesto a la riqueza, cómo lo afecta la Ley 1819? we address aspects such as the change in the treatment of preferred shares issued by companies, who can continue to include in their tax equity the value of intangibles formed, how fiduciary rights should be recognized and for what value should be declared the semovientes. The tax rate is contained in article 296-2 of the ET and varies depending on the taxable base. In the analysis Form 440 to declare wealth tax for 2018 was prescribed by the Dian you can know the process to liquidate the value for wealth tax for 2018.

Form 440 applicable for the taxable year 2018

By means of article 12 of Resolution 000002 of January 15, 2018 the form 440 was prescribed, according to this rule, the declaration must only be filed virtually, otherwise it will be understood as not filed. In the editorial Form 440 for wealth tax 2018 was ready in Muisca on May 4, 2018 we highlight the lines that disappeared in contrast to the forms of previous periods and those that should have been deleted but still appear.

Source: Actualize