Colombia is about to begin a new season of deadlines for individuals to file their income tax returns, based on the tax calendar.
(You may be interested in: Don’t forget any of them! The files you must have on hand to file your income tax return).
Given this situation, several doubts arise among Colombians who are required to carry out this procedure, since in some cases several people do not know what income they must declare and what the procedure is to do so.
To clarify these questions, it is enough to refer to the rules established in decree 1625 of 2016, which defines the specific and general limitations provided for in the law.
It is worth noting that some contributions do not have to be declared as they are part of exempt income. See below which ones they are:
-Contributions to savings accounts for the promotion of construction (AFC): 30% of labor income without exceeding 3,800 UVT ($ 161,165,600).
(See: The city where you need to have more than one job to cope with the cost of living).
– Severance pay and severance pay interest, as long as they are received by workers whose average monthly income in the last six (6) months of employment does not exceed 350 UVT ($14,844,200).
-Compensation for work accidents or illness.
-Compensation that involves maternity protection.
-Amount received for the worker’s burial expenses.
Income tax return
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-Retirement, disability, old-age, survivors’ and occupational risk pensions, up to the tax year 1997. As of January 1, 1998, they will be taxed only on the portion of the monthly payment that exceeds 1,000 UVT ($42,412,000).
-Death insurance, death compensation and social benefits for active and retired members of the Armed Forces and the National Police.
-In the case of magistrates of the courts, their prosecutors and judicial attorneys, a percentage equivalent to 50% of their salary will be considered as exempt representation expenses. For judges of the Republic, the exempt percentage will be 25% of their salary.
-The excess of the basic salary received by officers, non-commissioned officers and professional soldiers of the Armed Forces and officers, non-commissioned officers, executive level, patrolmen and agents of the National Police.
-Representation expenses of rectors and professors of public universities, which may not exceed 50% of their salary.
25% of the total value of labor payments limited annually to 790 UVT ($33,505,480).
