The reform will reduce the different taxable periods of VAT to two: bi-monthly and quarterly.
Currently VAT returns have a bi-monthly, quarterly or annual periodicity. Trying to reduce the existing problems in relation with the multiplicity of taxable periods of VAT, the tax reform intends reduce taxable periods into two:
- Bi-monthly returns, for taxpayers whose incomes exceeded 92.000 UVT (COP $2.737.276.000).
- Quarterly returns, for taxpayers whose incomes the previous year, did not exceed 92.000 UVT (COP $2.737.276.000).