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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).