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COLOMBIAN TAXPAYERS COULD STILL DISCLOSE THEIR ASSETS ABROAD

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COLOMBIAN TAXPAYERS COULD STILL DISCLOSE THEIR ASSETS ABROAD

Wealth tax

The Colombian Tax Administration referred to the possibility of modifying or filing extemporaneously the wealth tax and amnesty tax return

 

During taxable years 2015, 2016 and 2017 taxpayers had the possibility of filing the amnesty tax return, in order to disclose the assets owned abroad to the Colombian Tax Administration.

In November 2017, DIAN issued a statement informing that taxpayers had until December 31th 2017 to file the wealth tax and amnesty tax return, to disclose their assets abroad.

Nevertheless, through the Revenue Ruling No. 0868 of 2018, the Tax Administration concluded that taxpayers could still amend or file extemporaneously the wealth tax and amnesty tax return. In this sense, Colombian taxpayers could still disclose their assets abroad, for which they would have to pay an additional fine for late filing or amendment of the tax return.

It is important to keep in mind that in case that the Tax Administration detects that taxpayers have undisclosed assets abroad, these would be recaptured in the income tax return. Additionally, the Colombian Tax Administration would impose a fine equal to the 200% of the highest tax to be paid.