The beginning of the calendar is approaching to present the declaration of income of natural persons corresponding to the taxable year 2024, which according to the DIAN, will begin to have their maturities since August 12 and They will run until October 24, 2025, according to the last two NIT digits.
But beyond a simple procedure, this process represents an opportunity to review the personal financial statement, optimize the tax burden and avoid sanctions that can be expensive; With which, not only the finances can be organized, It also opens the field to think about new financial paths in the future.
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Siigo, a company specialized in accounting software, and Credicorp Capital, firm of financial services, agree that the early preparation and correct planning make the difference and from their perspective, each firm delivered a practical guide with the essentials that must be taken into account to meet in time and make intelligent decisions in their income statement.
Who should declare?
According to Siigo, all natural persons who, for 2024 have fulfilled at least one of these conditions:
* Tenergio a gross heritage equal to or greater than $ 211,792,500 at the end of the year.
Declating income is a mandatory process for certain Colombians.
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* REgistrate gross income equal to or greater than $ 65,891,000 throughout the year.
* REyalize consumption with credit card equal to or higher than that same amount.
* Tenergy bank consignments, investments or purchases equal to or greater than $ 65,891,000.
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* SEr responsible for sales tax (VAT).
“To fulfill a single of these conditions activates the obligation to declare, so it is important to carefully review bank extracts, labor income and other financial movements,” they explained.
Declating income is a mandatory process for certain Colombians.
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To present the income statement it is essential to have the updated RUT, the active electronic signature and a series of key documents that support the taxpayer’s financial information. Among them are the certificates of income and withholdings, bank extracts, certificates of funds from investment or pensions, and electronic invoices associated with deductible payments allowed by law.
“It is also important to include the information of digital wallets such as Nequi and Daviplata, since the DIAN reviews them as part of the data crossing. It is better to prepare in advance all this documentation and, if the case requires it, seek the advice of an accountant to avoid errors or omissions that can translate into economic sanctions or legal complications,” they added from Siigo.
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What happens if you don’t declare on time?
The consequences of not declaring or doing it out of time are severesince according to the tax regulations, the sanction can be 5% monthly of the tax in charge for each month of delay and in cases of evasion or non -submission, the fines can reach up to 20% of the unrelated bank income or consignments.
In addition to the financial impact, a poorly submitted statement can generate alerts for future inspections, so according to Credicorp Capital, declare income is also a tool to optimize personal assets, provided that the available tax benefits are known.
Declating income is a mandatory process for certain Colombians.
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“Among the most efficient options are voluntary pension funds, that allow to reduce the taxable base at the time of the contribution and offer tax benefits if the withdrawal meets the legal conditions, ”they said.
Another alternative is the collective investment funds (FIC) and the administered portfolios, which allow to organize income and adjust the asset portfolio to minimize the tax to be paid, provided that adequate advice is available.
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“It is also possible to obtain benefits when investing in the Colombian Stock Exchange (BVC). The profits derived from the sale of shares may be exempt from taxes if 3% of the company’s total in circulation is not exceeded. This applies to both local and foreign actions negotiated through the Colombian global market, andNcating companies such as Apple, Tesla or Nvidia, and some ETFs, ”these analysts said.
Both Credicorp Capital and SIIGO insist that the income statement should be understood as part of a personal financial strategy, so they concluded that beyond compliance, it is an opportunity to review the patrimonial state, identify savings and investment opportunities, and build a more efficient fiscal plan for the future.
Daniel Hernández Naranjo
Portfolio journalist
