If you file your income tax return after your due date, you will have to pay a penalty for late filing, known as extemporaneous filing penalty. This penalty is equivalent to 5% of your tax liability and increases with each month or fraction of a month that passes between the due date and the date … Read more
Taxing high pensions allows redirecting subsidies to finance social programs. The structure of the dividend tax makes its payment inefficient. Proposal on the new wealth tax would be temporary, with an initial validity of four years. On May 31, 2021, the Center for Economic Studies Anif presented the offprint La reforma fiscal: camino a la … Read more
By means of Decree 612 of June 4, 2021, the deadline for legal entities that qualify as micro and small companies to cancel the balance payable of their income tax return for the taxable year 2020 was extended again. The first extension was given with Decree 374 of 2021. On June 4, 2021, the Ministry … Read more
President Iván Duque highlighted the commitment of entrepreneurs with the institutional framework and with the goal of hiring more than 600,000 young people in the second half of the year. President Iván Duque highlighted this Tuesday the commitment expressed by entrepreneurs to join the strategy to generate youth employment, thanks to the 25% subsidy to … Read more
A political consensus must be reached for a new tax reform bill. Centro Democrático’s proposal seeks to expand coverage of social programs and protect formal employment. Hernando Gómez assures that collection must be increased by at least 1.5 points of the GDP. The Minister of Finance José Manuel Restrepo continues trying to reach the necessary … Read more
Andi, Fenalco and the Consejo Gremial Nacional agree to suspend the discount of the industry and commerce tax, which by 2022 would be 100%. The Government would not look favorably on eliminating the special income tax rates for free zones and broadening the base of those responsible for the wealth tax. “The tax reform can … Read more
Article 1.6.1.1.13.2.7 of DUT 1625 of 2016 indicates the requirements that determine when a natural person or illiquid succession is exempted from filing the income and supplementary tax return. Those who file voluntarily must take into account some aspects related to the return. As we have addressed in previous editorials, Article 1.6.1.1.13.2.7 of Decree 1625 … Read more
The Government seeks to collect some 15 trillion pesos from the expected revenue, which would be taxes on companies, austerity in spending, anti-evasion plan and sale of assets. On July 20, 2021, the National Government will submit the tax reform bill to the Congress of the Republic. However, as published by Portafolio newspaper, today, Tuesday, … Read more
On July 20, 2021 the Government filed before the Congress of the Republic the tax reform bill Social Investment. On July 20, 2021, the national government filed, with an urgent message, the tax reform bill 2.0 called Social Investment. The initiative presented before the Congress of the Republic seeks to raise 15.2 trillion pesos, benefiting … Read more
Article 850 of the ET establishes that taxpayers or responsible parties who liquidate balances in favor in their tax returns may request a refund. In this editorial we analyze the aspects to be taken into account in the case of VAT taxpayers. According to paragraph 1 of Article 850 of the Tax Statute -ET- and … Read more
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