The income tax return in Colombia It is an annual requirement for taxpayers that serves as a financial summary, documenting income, expenses, and investments made during the fiscal period.
This tax control document allows entities to accurately calculate the tax burden for individuals, legal entities, large taxpayers, and properties located abroad.
Not everyone is required to file a tax return; however, for those who must, the total amount to be paid is based on various factors, including financial transactions, income, purchases, and consumption throughout the year.
How do I know if I have to file a tax return?
Individuals who are unsure whether they need to declare income in 2024 should remember that the income tax is generated based on the economic transactions conducted in the previous year. Therefore, for the year 2024, the income tax is based on the financial movements of 2023.
The DIAN has announced the requirements for those who need to declare income in 2024. The entity also conducts a financial analysis using bank transactions and notifies individuals who meet the following conditions:
- The gross heritage at the end of the tax year 2023 is equal to or greater than $190,854,000
- The total income for the relevant taxable year is equal to or greater than $59,377,000
- Expenditures made with a credit card are equal to or greater than $59,377,000
- The total value of purchases and consumptions is equal to or greater than $59,377,000
- The total accumulated value of bank deposits, or financial investments is equal to or greater than $59,377,000.
If this is your first time filing an income tax return, you must register or update your RUT at this link: https://www.dian.gov.co/impuestos/RUT/Paginas/Inscripcion-y-actualizacion-RUT.aspx
Tax calendar for August 2024
As usual, the DIAN has published the tax calendar for 2024 on its website, detailing the month and the last digits of the citizenship card or NIT for income declaration. The following are the dates for individuals:
- August 12: 01 and 02
- August 13: 03 and 04
- August 14: 05 and 06
- August 15: 07 and 08
- August 16: 09 and 10
- August 20: 11 and 12
- August 21: 13 and 14
- August 22: 15 and 16
- August 23: 17 and 18
- August 26: 19 and 20
- August 27: 21 and 22
- August 28: 23 and 24
- August 29: 25 and 26
Dates to declare income in other months
- 27 and 28 – September 2, 2024
- 29 and 30 – September 3, 2024
- 31 and 32 – September 4, 2024
- 33 and 34 – September 5, 2024
- 35 and 36 – September 6, 2024
- 37 and 38 – September 9, 2024
- 39 and 40 – September 10, 2024
- 41 and 42 – September 11, 2024
- 43 and 44 – September 12, 2024
- 45 and 46 – September 13, 2024
- 47 and 48 – September 16, 2024
- 49 and 50 – September 17, 2024
- 51 and 52 – September 18, 2024
- 53 and 54 – September 19, 2024
- 55 and 56 – September 20, 2024
- 57 and 58 – September 23, 2024
- 59 and 60 – September 24, 2024
- 61 and 62 – September 25, 2024
- 63 and 64 – September 26, 2024
- 65 and 66 – September 27, 2024
- 67 and 68 – October 1, 2024
- 69 and 70 – October 2, 2024
- 71 and 72 – October 3, 2024
- 73 and 74 – October 4, 2024
- 75 and 76 – October 7, 2024
- 77 and 78 – October 8, 2024
- 79 and 80 – October 9, 2024
- 81 and 82 – October 10, 2024
- 83 and 84 – October 11, 2024
- 85 and 86 – October 15, 2024
- 87 and 88 – October 16, 2024
- 89 and 90 – October 17, 2024
- 91 and 92 – October 18, 2024
- 93 and 94 – October 21, 2024
- 95 and 96 – October 22, 2024
- 97 and 98 – October 23, 2024
- 99 and 00 – October 24, 2024
The Income Tax Return in Colombia
The income tax return in Colombia is an essential procedure that must be carried out annually by taxpayers. This filing acts as a financial resume where the income, expenses, and investments made during the fiscal period are meticulously recorded.
This tax control document allows entities to make an accurate calculation of the tax liabilities for individuals, legal entities, large taxpayers, and even for properties located abroad.
Not everyone is required to file a tax return; however, for those who must, the total amount owed is determined by various factors including financial movements, income, purchases, and consumption throughout the year.
How Do I Know If I Have to File a Tax Return?
If you are uncertain about the need to declare income in 2024, remember that the income tax is generated based on economic transactions conducted in the previous year. Thus, for 2024, your tax liability is derived from the financial movements of the year 2023.
The DIAN (Dirección de Impuestos y Aduanas Nacionales) has announced the requirements for individuals obligated to declare income in 2024. The entity also conducts a thorough financial analysis based on bank transactions to communicate with those who meet the following criteria:
- The gross heritage at the end of the tax year 2023 is equal to or greater than $190,854,000.
- The total income for the respective taxable year is equal to or greater than $59,377,000.
- Consumption through credit card is equal to or greater than $59,377,000.
- The total value of shopping and consumptions is equal to or greater than $59,377,000.
- The accumulated value of bank consignments, deposits, or financial investments is equal to or greater than $59,377,000.
For first-time filers, it is essential to register or update your RUT (Registro Único Tributario) at this link: Register or Update Your RUT.
Tax Calendar for August 2024
As per the DIAN’s usual practice, the tax calendar for 2024 has been published, indicating the month and the last digits of the citizenship card or NIT for income declaration. Here are the key dates for natural persons:
- August 12: 01 and 02
- August 13: 03 and 04
- August 14: 05 and 06
- August 15: 07 and 08
- August 16: 09 and 10
- August 20: 11 and 12
- August 21: 13 and 14
- August 22: 15 and 16
- August 23: 17 and 18
- August 26: 19 and 20
- August 27: 21 and 22
- August 28: 23 and 24
- August 29: 25 and 26
Dates to Declare Income in Other Months
- 27 and 28 – September 2, 2024
- 29 and 30 – September 3, 2024
- 31 and 32 – September 4, 2024
- 33 and 34 – September 5, 2024
- 35 and 36 – September 6, 2024
- 37 and 38 – September 9, 2024
- 39 and 40 – September 10, 2024
- 41 and 42 – September 11, 2024
- 43 and 44 – September 12, 2024
- 45 and 46 – September 13, 2024
- 47 and 48 – September 16, 2024
- 49 and 50 – September 17, 2024
- 51 and 52 – September 18, 2024
- 53 and 54 – September 19, 2024
- 55 and 56 – September 20, 2024
- 57 and 58 – September 23, 2024
- 59 and 60 – September 24, 2024
- 61 and 62 – September 25, 2024
- 63 and 64 – September 26, 2024
- 65 and 66 – September 27, 2024
- 67 and 68 – October 1, 2024
- 69 and 70 – October 2, 2024
- 71 and 72 – October 3, 2024
- 73 and 74 – October 4, 2024
- 75 and 76 – October 7, 2024
- 77 and 78 – October 8, 2024
- 79 and 80 – October 9, 2024
- 81 and 82 – October 10, 2024
- 83 and 84 – October 11, 2024
- 85 and 86 – October 15, 2024
- 87 and 88 – October 16, 2024
- 89 and 90 – October 17, 2024
- 91 and 92 – October 18, 2024
- 93 and 94 – October 21, 2024
- 95 and 96 – October 22, 2024
- 97 and 98 – October 23, 2024
- 99 and 00 – October 24, 2024
Benefits of Filing an Income Tax Return
Filing an income tax return in Colombia carries several advantages:
- Eligibility for Loans: A completed tax return provides financial institutions with a clear picture of your financial activity, enhancing your credibility when applying for loans.
- Access to Social Benefits: Many social programs use tax returns to assess eligibility, ensuring that you have access to necessary government support.
- Tax Refunds: If you’ve overpaid your taxes throughout the year, filing your return can enable you to reclaim those funds.
- Avoiding Penalties: Filing on time ensures you avoid surcharges and fines associated with late declarations.
Practical Tips for a Smooth Filing Process
For a successful tax return experience, consider the following tips:
- Keep Records: Maintain organized documentation of all income sources, expenses, and deductions throughout the year.
- Utilize Digital Tools: Consider using accounting software or applications that can assist in tracking and managing your finances.
- Seek Professional Help: If your tax situation is complex, hiring a tax advisor can help you navigate the process efficiently.
- Stay Informed: Regularly check the DIAN website for updates on tax laws or changes that may affect your filing.
Real-life Experiences: Filers Share Their Journey
Many Colombians share various experiences when filing their income tax returns. Here are a couple of personal stories:
Maria’s First Time Filing
Maria, a first-time filer, was initially intimidated by the process. However, with guidance from a local accountant and utilizing DIAN’s online resources, she successfully submitted her return and realized she was eligible for a significant tax refund.
Javier’s Journey with Complex Income Sources
Javier, who owns two businesses, opted for professional assistance in filing his taxes. His accountant helped him maximize deductions and ensured he correctly declared all income, saving him from potential penalties.
Conclusion
Whether you’re a seasoned filer or preparing to file for the first time, understanding the income tax return process in Colombia is crucial. By staying informed about requirements, key dates, and potential benefits, taxpayers can navigate their financial responsibilities with confidence.
