The condition of being a resident or non-resident will have different consequences at the time of preparing the income tax return of a natural person; among them, the type of information to be reported and the form to be used. Article 10 of the Tax Statute -ET- indicates the conditions that must be taken into … Read more
By means of Decree 2442 of 2018, the Ministry of Finance established the tax calendar for 2019. The new version of article 1.6.1.1.13.2.15 that this decree introduces in DUT 1625 of 2016 contains the deadlines for filing the income tax return of natural persons. We must remember that Law 1819 of 2016, for the taxable … Read more
Individuals and illiquid successions will be obliged to file the income tax return for the taxable year 2018, within the deadlines established by the National Government, as long as they comply with the requirements presented below. As we have already mentioned in previous editorials, for the taxable year 2018 natural persons and illiquid successions must … Read more
With the entry into force of the National Development Plan 2018 – 2022 contained in Law 1955 of May 25, 2019, some of the rules of the Tax Statute related to the income tax for natural persons were modified, whose changes will be in force as from the taxable year 2019. Next, we will provide … Read more
The deduction for dependents applies to individuals who use the earned income tax identification number in their income tax return, having the possibility to deduct monthly up to 10% of their gross income, without exceeding 32 UVT in accordance with article 387 of the ET. Next, we will answer the following question: Can the deduction … Read more
The Minister of Finance, Alberto Carrasquilla, recently stated in Dinero that the Tax Statute -ET- must be modified and that the country’s tax issues must begin to be discussed next year as part of the strategy to achieve economic recovery. “Colombia must stop having a ‘poor country’ Tax Statute, since the rebound of the economy … Read more
Removing some income benefits and having more people declare and contribute to this tax could be another alternative to increase tax collection. According to a Dian report, 18.5% of the fiscal cost of these exemptions comes from income, which represented $17.1 trillion in 2019. This barely represents 1.6 % of GDP and 65 % corresponds … 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
Natural persons who are obliged to file income tax returns for the taxable year 2020 must do so in 2021 within the deadlines set by article 1.6.1.1.13.2.15 of decree 1625 of 2016. Below we inform the dates listed according to the last two digits of the Nit of the natural person, without considering the verification … 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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