Deadlines For Colombian Tax Amnesties This Month
Two deadlines are approaching in Colombia for taxpayers wishing to take part in ongoing tax amnesties.
Applications for the first amnesty on the declaration of assets held offshore or other undisclosed transactions are required by September 25, 2019. A "normalization tax" of 13 percent applies to such declared amounts. A taxpayer's liability may be halved if they repatriate these assets to, and invest them in Colombia for a period of not less than two years.
The rules are set out in Decree 874. Provisions for the amnesty were introduced in the 2019 Finance Law.
Another amnesty enables taxpayers to resolve tax debts with the tax agency where they were the subject of an unresolved dispute or the subject of litigation prior to the entry into force of the 2019 Finance Law.
This amnesty, included in Articles 100 and 101 of the Law, enables taxpayers to benefit from an 80, 70, or 50 percent reduction in interest and penalties on outstanding tax debts, where the taxpayer agrees to pay the full sum. An application for this amnesty scheme must be received by September 30, 2019.
Source: Pride Partners International