Tax obligations to be met by the year 2023 for individuals

Below, we present the tax obligations to complied by year 2023:

1. Electronic information for the year 2022.

Under Resolution 0000124 of October 2021, individuals who have obtained income for the following concepts and amounts (*), among others, are obliged to file electronic information for the year 2022:

a. Gross income equal to or greater than $500 million in the year 2021 or 2022.

b. Gross income equal to or greater than $100 million in the year 2022 received for the following concepts:

1. Capital income: those obtained by the concept of leases, and financial yields, among others.

2. Non-labor income: all those different from i) labor income (personal compensation such as salaries, fees, commissions), ii) dividends, iii) pensions and iv) occasional gains.

  (*) It is necessary to comply with both assumptions (a and b) to be obligated.

If according to the above, you are required to file electronic information for the year 2022, you must do so between May 16 and June 14, 2023 (the deadline in each case depends on the last digit of the NIT).

 2. Wealth Tax 2023

Wealth tax is levied on national or foreign individuals, unliquidated estates, as well as foreign companies or entities that are not income tax return filers and that own assets located in Colombia with some exceptions.

Such tax is generated by the possession of liquid assets equal to or higher than 72,000 UVT (COP$3,053,664,000) as of January 1st, 2023, and its tax return (if obliged) must be filed between May 9 and 23 according to the last digit of the Tax ID.

3. Income Tax 2022

According to Section 592 of the Colombian Tax Code, tax residents who meet the following conditions must file an income tax return for the taxable year 2022:

  1. Obtaining gross income for a value equal to or greater than 1,400 UVT (COP 53,205,600) during the year 2022.
  2. Having a gross net worth of more than 4,500 UVT (COP 171,018,000)
  3. Consumption through credit card greater than 1,400 UVT (COP 53,205,600)
  4. Purchases and consumptions greater than 1.400 UVT (COP 53.205.600)
  5. Bank deposits, deposits, or financial investments greater than 1,400 UVT (COP 53,205,600)

Non-tax residents must comply with this obligation only if their Colombian source income was not subject to withholding at the source applying the rates for payments abroad (10% or 35% dividends, as the case may be 20% labor and capital income, among others).

This obligation must be complied with according to the last two digits of the Tax ID between August 9th and October 19th.

4. Tax return of assets abroad

Finally, it is important to consider that Colombian tax residents who as of January 1st, 2023, have assets abroad for a value of more than 2,000 UVT (COP $84,824,000) must comply with the obligation to file the tax return of assets abroad on the same due date of the income tax return.



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