From August 12 to October 24, 2024, the deadline for filing income tax returns for natural persons, based on the last two digits of their ID or NIT, will be in effect in Colombia.
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Once the deadline for submitting this obligation has passed, Taxpayers who fail to comply with this procedure will be exposed to economic sanctions, as provided for in the Tax Statute.
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According to the rule, those who pass the date to declare “They must settle and pay a penalty for each month or fraction of a calendar month of delay, equivalent to 5% of the total tax due or withheld subject to the tax return, without exceeding one hundred percent of the tax or withholding, as the case may be.”.
Income tax return
Diego Caucayo / Portfolio
The rule also stipulates that if the person does not register income in the declared period, “The penalty for each month or fraction of a month will be 1% of the net assets of the immediately preceding year, without exceeding the lower figure resulting from applying 10% to it, or double the balance in favor if there is one, or the sum of 2,500 UVT when there is no balance in favor.”.
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Remember that to save money on your tax return, you should meet one of the following requirements: have prepaid medicine, have paid for Icetex, have made donations, have minor children or those who are studying, have children over 23 years of age with a special health condition in your care. All of these would be the reasons that would allow you to access a discount.
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