Colombia Forum

fecherklyn
Joined 2015
Posts: 1372

7 years ago

Taxation of assets held outside Colombia

7 years ago

For those expats among you who are concerned about taxation in Colombia, you may care to take a look at page 17 of today’s El Colombiano which addresses the subject of penalties for lack of conformity of fiscal declaration rules.

One rule that particularly took my attention was the tax law relating to the obligation to declare your worldwide assets : Declaración de Activos en el Exterior – Formulario 160 – Reference Articulo 42 de la Ley 1739 de 2014 y the latest modification of Articulo 641 del Estatuto Tributario.

The penalty for not making this declaration on time is stated at 1.50% of the value of assets you hold outside Colombia. So beware anyone who is deemed a “resident” for tax purposes in Colombia (The 183 days presence rule) if you have any undeclared bank accounts, property, etc “back home”.

The issue of Declaración de Activos en el Exterior – Formulario 160 has been discussed in ExpatExchange before and fuller details (Threshhold declaration limits, etc) can be found there.

Otherwise, todays El Colombiano article discusses the “chance” the DIAN will impose the full application of these rules/penalties. The suggestion is the DIAN often leaves them unapplied…..but are you willing to take the risk?

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