In the second semester of the year, legal entities such as natural persons must comply with tax obligations in Colombia such as income tax, declaration of assets abroad and the second installment of equity.
(Also: How to declare and pay the ICA 2023 in Bogotá?)
These maturities extend between August 9 and October 19 of this year.
In addition, in the case of citizens of the capital of the country with properties and vehicles in Bogotá, the last date for the payment of property tax without discount is next July 14 and for vehicles, July 28, 2023.
According to Vivian Arciniegas, BDO Tax Partner in Colombia, Colombians should take into account on the tax dates of the second semester that a taxpayer’s income is subject to three taxes: on income, occasional gains and dividendsif income was received for this concept.
In several cases it is the Dian that requests a legal action against the debtors.
According to the established tax calendar, Colombians must comply with the second installment of the wealth tax, which was presented as a permanent tax in the last Tax Reform Law 2277sanctioned on December 13, 2022.
“This is a tax that is levied on the net worth (assets minus liabilities) of resident and non-resident natural personsilliquid successions and foreign companies with assets in Colombia other than shares, accounts receivable or portfolio investments”, explains Arciniegas.
In addition, the expert will highlight that people residing in Colombia who will have one or more assets located abroad, “the declaration of assets abroad is a informational statement with respect to the assets that are held outside the Colombian territory and do not generate any tax imposition.
Keep in mind that as of August the dates for the payment of the declaration begin.
iStock / Screenshot Dian
accounts for estate
The tax is levied on the liquid assets of taxpayers -when these exceed 72,000 UVT ($3,053,664,000)- with a progressive rate of 0.5%, 1% and 1.5% for liquid assets greater than 239,000 UVT ($10,136,468,000).
Remember that this last range will only be valid for the years 2023, 2024, 2025 and 2026. As of the year 2027, liquid assets greater than 122,000 UVT ($5,174,264,000) will be taxed at the rate of 1%.
(Also: How can you change the code of your economic activity in the RUT?)
Regarding the measurement to determine the taxable base of the obligation, natural persons may deduct the first 12,000 UVT ($508,944,000) from the net equity value of their house or apartment.
income tax
Natural persons who must declare income for the taxable year 2022 for the first time may do so as of August 9 of the current yeartaking into account the last two digits of the tax identification number (NIT), with respect to the previous year, they will be required if the following amounts are met:
● Gross equity that on the last day of 2022 exceeds 4,500 UVT ($171,018,000).
● Gross income for the taxable year greater than 1,400 UVT ($53,206,000).
● Credit card purchases over 1,400 UVT ($53,206,000).
● Purchases and consumption over 1,400 UVT ($53,206,000)
● Accumulated bank deposits greater than 1,400 UVT ($53,206,000).
watch out for the fine
Keep in mind that the necessary certificates and documents must be presented in accordance with the corresponding contribution, as well as anticipate the dates to avoid penalties.
In case of not presenting the declaration, being obliged to do so, taxpayers will be exposed to a penalty for late declaration that is equivalent to 5 percent of the tax to be paid for each month or fraction of a month of delay.
If the taxpayer chooses not to, they may be subject to a summons to file, in which case the penalty will increase to 10 percent for each calendar month or fraction of a month of delay.
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