The tax filing season has begun. The deadlines for taxpayers to submit and make the payment corresponding to the 2023 taxable period to the National Tax and Customs Directorate (DIAN) are between August 12 and October 24.
(Read more: Tips to ensure your CDT does not become a headache when filing your income tax return)
People who are required to pay this tax must take into account the established limits. This is based on your income, assets, purchases, salaries and transfers from the previous year.
The criteria related to the 2023 tax year are:
– That the gross assets exceed the 4,500 Tax Value Units (UVT), that is, $190,854,000.
– That the gross income equals or exceeds the 1,400 UVTwhich is equal to $59,377,000.
– That credit card consumption exceeds the 1,400 UVTthat is, $59,377,000.
– That the total value of purchases and consumption exceeds 1,400 UVTthat is, $59,377,000.
– That the total value of bank deposits exceeds 1,400 UVTwhich are equivalent to $59,377,000.
In addition to these requirements, it is important that taxpayers understand the declaration process in order to avoid additional costs due to incorrect completion of the document or even penalties.
In most cases, the application of these sanctioning actions usually results from errors that arise throughout the process. In order to avoid making these mistakes, We tell you which mistakes are most frequently made and the fines you are exposed to.
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Paying taxes
Common mistakes
– Failure to declare total income in the tax year. This includes salary, fees, commissions, rents, dividends and any other cash received by the person.
– Failure to comply with the date assigned for the declaration.
– Failure to include or declare all of the taxpayer’s assets also makes him/her liable for a penalty. Property, vehicles, accounts, investments and acquisitions that are not declared correctly can result in the payment being calculated incorrectly.
– Declaring expenses that qualify for discounts in the declaration is also punishable by the DIAN, which not only sanctions the person, but penalizes them with the loss of tax benefits in the future.
Paying taxes
Sanctions to which you are exposed
According to the provisions of the Tax Statute, there is a penalty for late filing, which It is equivalent to 5% of the tax due and increases with each month or fraction of a month that passes between the payment deadline and the date on which you file your tax return.
This regulation also establishes a correction penalty equal to 10% of the higher amount payable or the lower balance in favor between the correction and the immediately preceding declaration. If the adjustment is made after receiving the notice of summons, the amount payable is increased by 20%.
However, those who fail to file their income tax return are also exposed to a fine equivalent to 20% of the value of bank deposits or gross income for the period corresponding to the unfiled return or 20% of the gross income shown in the last income tax return filed.
PORTFOLIO
