This GMS Flash Alert reports that by October 22, individuals considered as resident in Colombia for tax purposes and obligated to file a Colombian income tax return must file an overseas assets declaration.
Resolution 00096 of September 14, 2015, issued by the Colombian tax authority (i) prescribes the declarative form to complete and submit in respect of overseas assets owned by individuals and (ii) determines who is liable to file the form. Individuals considered as resident in Colombia for tax purposes and obligated to file a Colombian income tax return are subject to completing and submitting this form, which must include a declaration of any assets owned outside of Colombia, at January 1, 2015.
The Colombian government is stepping up efforts to inhibit tax avoidance and bring into the tax net assets that should be subject to Colombian taxation.
Affected individuals need to be aware of the new rules and requirements and take steps to identify assets subject to declaration to the tax authority. Failure to comply with the rules, could subject individuals to considerable penalties.
There is a tight deadline for individuals to meet their filing obligations, so if subect to these rules, they should act without delay.
It is important to bear in mind that the timeframe for filing this form on time begins October 8 and ends on October 22. Filing must be done through the Web site of the DIAN (Dirección de Impuestas y Aduanas Nacionales) – the URL is: www.dian.gov.co. To do this, an individual must have a digital signature, which can be obtained from the DIAN.
The data requested by the DIAN for this information return includes:
Please note that a penalty fine for failure to accurately report can be assessed by the DIAN at an amount of 5 percent of the value of the asset that was omitted from or under-valued in the form.
For additional information or assistance, please contact your local GMS or People Services professional or one of the following professionals with KPMG Tax & Legal in Colombia:
María Consuelo Torres
tel. +57 (1) 618 8000
Carlos Enrique Neira Recamán
tel +57 (1) 618 8000 ext. 1511
The information contained in this newsletter was submitted by the KPMG International member firm in Colombia.
© 2017 KPMG Impuestos y Servicios Legales Ltda, a Colombian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.