Colombia: Sales tax reporting, returns

Colombia: Sales tax reporting, returns

A report by the KPMG member firm in Colombia addresses the rules for determining the frequency for filing sales tax (impuesto sobre las ventas) returns.

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Article 600 of the tax law includes measures about the taxable period for filing sales tax returns—bi-monthly, quarterly, or annually, depending on the amount of income at year-end (31 December) for the previous fiscal year. Article 61 of Law 1607 of 2012 amended Article 600 regarding the frequency by which taxpayers must file returns, according to the following schedule: 

  • Bi-monthly if gross revenue at 31 December for the previous fiscal year is equal to or greater than UVT* 92,000
  • Quarterly if gross revenue at 31 December for the previous fiscal year is equal to or greater than fifteen thousand UVT 15,000 but less than UVT 92,000
  • Annually if gross revenue at 31 December for the previous fiscal year is less than UVT 15,000

*UVT = Unidad de Valor Tributario, or COP $2,601,668,000 for 2015

 

Read a 2016 report (Spanish) prepared by the KPMG member firm in Colombia: ¿Las declaraciones del Impuesto sobre las Ventas que se presentan con una periodicidad diferente a la que debía cumplir el contribuyente tienen efecto legal?

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