Colombia Expat Forum

fecherklyn
Joined 2015
Posts: 1349

8 years ago

"yes, or No", need to make Colombian tax declarations?

8 years ago

I am frequently amazed at the number of persons who do NOT make tax declarations in Colombia when they SHOULD DO SO. On discussion, most of them state they were unaware of these obligations. An article in today’s El Colombiano sets out the tax rules in this respect.

Anyone falling into ANY of the following categories is obliged to make a tax declaration in Colombia under sufferance of financial penalties if they do not do so:

- “Ingresos brutos” (Gross incomes) within Colombia greater than COP 38.48 millions in 2014.
- “Patrimonio bruto” (Gross assets) within Colombia greater than COP 123.68 millions at 31/12/2014.
- “Compras y/o consumos” (Consumer spending) within Colombia greater than COP 76.96 millions during 2014, no matter what means of payment is used.
- “Depósitos o inversions financieras” (Financial investments) within Colombia greater than COP 123.68 millions at 31/12/2014.

The above conditions apply to the following categories of individuals:

- Any person (Foreign or local) who spends 183 (or more) consecutive days resident in Colombia.
- Any Colombian national residing outside Colombia who derives more than half of his global incomes from activities realized within Colombia.

I do hope this clarifies a subject on which, not only expats, but also locals are very ignorant. I am not an expert on Colombian taxes; this is just what I read in the newspaper.

William Russell

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