Legal Bulletin


The Government proposes to create a criminal offence of tax evasion, which will involve a prison term of four (4) to nine (9) years and a fine of 20% of the omitted, missing or inaccurate value in the income tax return.

The Tax Reform proposes to create the criminal offence in connection with the omission of material assets or inclusion of nonexistent liabilities.

This offence is addressed to the taxpayers who fraudulently or intentionally omitted assets or included nonexistent assets or liabilities in their tax returns, which value is equal or greater than 7,250 minimum statutory monthly wage (Today, COP4.998.541.500), and affects the income tax or credit balance.

The prison term will be from forty eight (48) to one hundred and eight (108) months and the fine will be twenty percent (20%) of the omitted, missing or inaccurate value.

Notwithstanding the above, if the taxpayer submits or corrects the corresponsive tax return and makes the respective payments, the criminal action will be extinguished.