Colombia

Taxable period

No taxable year other than the calendar year is generally permitted in Colombia.

Tax returns

If one of the following requirements is met, then salaried taxpayers will be compelled to file an income tax return in Colombia:

• The value of the assets owned at 31 December of the current fiscal year exceeds TU 4,500 (COP 211,792,500 for 2024).
• Credit card charges during the taxable year exceed TU 1,400 (COP 65,891,000 for 2024).
• The total value of cash purchases exceeds TU 1,400 (COP 65,891,000 for 2024).
• The total value of bank deposits and other investments exceeds TU 1,400 (COP 65,891,000 for 2024).
• Income during the taxable year exceeds TU 1,400 (COP 65,891,000 for 2024).

Please note that if the person is fiscally resident, the mentioned requirements include values in Colombia and abroad.

Tax-filing season usually starts in August (approximately) of each year. The exact deadline is determined by the last two digits of the tax ID number of the taxpayer. Tax filing season is established by an official Decree, generally published in December every year.

Joint returns are not permitted. Income splitting is not allowed.

Payment of tax

There is income tax withholding on employment income. If a balance is due according to the tax return, it must be paid on the due date for filing the return at any bank within the country.