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COLOMBIAN CENTRAL BANK RULING

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COLOMBIAN CENTRAL BANK RULING

The untimely registry of financial investments and foreign assets of Colombians subject to the voluntary disclosure program, complementary to the wealth tax, is not subject to penalties

The Colombian Central Bank established that in this specific case the untimely registry is not subject to penalties

 

In its Ruling 12363 of June 13th of 2017, the Colombian Central Bank determined that the extemporary register of financial investments and in foreign assets and of Colombian investments abroad that are subject to the voluntary disclosure program, complementary to the wealth tax (“normalización tributaria”), is not subject to penalties by the control and supervision authorities of the exchange regime and international investments.

As a result, when registering of those assets before the Colombian Central Bank, the number of the return used to file the voluntary disclosure in which those assets where included, should be noted.