Among the tax discounts allowed are those that apply to taxes paid abroad. They consist in that a person with Colombian residence who earns income outside the country and pays taxes on it may deduct the amount paid abroad from the balance payable in Colombia. “The income obtained by the taxpayer abroad will also be … 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
When individuals (residents and non-residents) are required to keep accounting records, at least for tax purposes, and at the same time meet the criteria of Article 596 of the ET, they must file their income tax return for the taxable year 2018 accompanied by the signature of an accountant. The rule contained in the second … 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
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
Individuals who carry out VAT taxed operations and remain in the ordinary regime will be exempted from invoicing, if they meet the requirements to operate as not responsible for VAT. If they are transferred to SIMPLE they will be obliged to invoice electronically. Individuals when carrying out VAT taxable operations in Colombia, will have to … Read more
As the increase in the CPI for the period 2018 to 2019 has been defined, the value of the UVT for 2020 can already be estimated. In addition, according to Law 1955 of 2019, as from January 1 of next year, penalties and fines currently expressed in minimum wages must be restated in UVT. The … Read more
The first installment of income tax for large taxpayers will be paid between February 11 and 24, 2020. Declaration and payment of withholding tax will also begin in February. In March, the bimonthly VAT payment will begin. Through Decree 2345 of 2019, the Ministry of Finance modified DUR 1625 of 2016 and established the deadlines … Read more
The measure requires compliance with 3 special requirements, which will cause sellers and buyers to face at least 6 major difficulties. In addition, this exemption will require the mandatory use of electronic invoicing and payment through financial channels. Articles 22 to 26 and 160 of Law 2010 of December 27, 2019 established that during the … 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
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