Quick Overview of the Income Tax Statements in Colombia

The Accounting Team, part of Biz Latin Hub Colombia, offers an explanation on income tax statements in Colombia. 

Colombian Taxation – Do I need to pay income tax in Colombia?

income tax colombia

Biz Latin Hub offers accountancy services in Colombia

  1. Was your gross income earned in 2015 equal to or in excess of  $39 591 000?
  2. Were your gross assets up to December 31, 2015 higher than $127 256 000?
  3. During the fiscal year 2015 did you make purchases and/or spend cash, credit cards, loans or any other means of payment for goods such as houses, apartments, lots, vehicles etc. over $ 79 181 000
  4. Did you deposit money in your bank accounts or financial investments during 2015 which were over $ 127 256 000

If you answered yes to any of these questions, then you are required to pay income tax in Colombia.

What documents do I need?

Once you know that you need to file an income tax return, it is recommended that you obtain the following documents:

  1. Income statement from the previous year
  2. Photocopy of RUT
  3. Copies of bank statements
  4. Certification from banks regarding your financial returns and balances
  5. Details of real estate, vehicle tax, property tax
  6. Details of all assets purchased in the year including stocks, investments or companies

    income tax colombia

    Follow the criteria above

  7. Documents & certificates of other financial institutions such as CDT, term deposits, trusts, investments, etc
  8. Details of accounts payable and receivable
  9. Certificates of pension funds, balances of voluntary contributions and financial returns
  10. Certificates of income and withholding payments for labor
  11. Certificates of withholding income from different sources than labor

What should I do next?

If you do not have all the documents, there is no problem. However, remember that paying less tax depends of how complete your documentation is. It is important to file your income tax return on time. Completing the return outside of the established dates can lead to penalties. If you have any questions or need help completing your income statement, contact Biz Latin Hub. Our team of accountants can help you with your tax reporting through the provision of tailored and affordable accounting services. Get in touch with Craig here.

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