Individuals who for the taxable year 2018 are obliged to file the income tax return and supplementary return must report in this return the net worth value of the different assets and liabilities under their charge, whether they are held in the country or abroad. The expression “net worth value” refers to the amount for … Read more
Those obliged to keep accounting records, when they comply with the net worth or gross income ceilings established by law, must file their VAT, withholding tax and INC returns signed by a public accountant. Articles 512-6, 602 and 606 of the Tax Statute -ET- establish the cases in which the INC, VAT and withholding tax … Read more
Tax losses formed in the income tax return of the taxable year 2019 of resident individuals of the ordinary regime cause it to remain open for 5 years. If there is a transfer to SIMPLE during 2020, such losses may not be offset within such regime. According to the scheduling system applicable for the taxable … Read more
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 … Read more
The income tax return is a legal and mandatory procedure, which applies to all persons who generate income or have assets in Colombian territory, regardless of whether they are residents, non-residents or foreigners. In the following article we will know everything related to the income tax return for foreign residents in Colombia. Income tax return … Read more
Those who have filed their 2019 tax return liquidating a balance in favor, and have complied with the requirements for it to become final within the 6 months following its filing, may only process the request for refund of the balance in favor before the end of the finality period. The income tax returns for … Read more
Decree 374 of April 9, 2021 approved that the filing of the tax return shall continue to be made between April 12 and May 7, 2021. However, the payment of the first installment will be due between June 9 and 23, 2021, and the payment of the second installment between November 9 and 23, 2021. … Read more
Non-resident individuals who obtained gross income in Colombia in 2020 in excess of 1,400 UVT (on which no withholdings were made) are obliged to file a virtual tax return on form 110. In accordance with the provisions of article 592 of the Tax Statute -ET- and article 1.6.1.13.2.7 of DUT 1625 of 2016 (after being … Read more
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 … Read more
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
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