Comprehensive Guide to Filing Your 2024 Tax Return in Colombia

Introduction

Filing your tax return is an important civic duty that contributes to the smooth functioning of our nation’s tax system. As a taxpayer, you hold the responsibility to accurately report your income and expenses, ensuring that you fulfill your tax obligations. This guide will provide you with a comprehensive understanding of the requirements, deadlines, and common pitfalls associated with filing your tax return in Colombia for the 2024 tax year.

Who is Required to File?

According to the Dirección de Impuestos y Aduanas Nacionales (DIAN), the Colombian tax authority, the following individuals are required to file a tax return for the 2024 tax year:

• Individuals with a gross income exceeding 1,400 UVT (Unidad de Valor Tributario), which is equivalent to approximately $59,377,000 COP.
• Individuals with expenses or consumption using credit cards that exceed 1,400 UVT.
• Individuals with purchases and consumption exceeding 1,400 UVT.
• Individuals with total bank deposits exceeding 1,400 UVT.
• Individuals with a net worth exceeding 4,500 UVT, which is equivalent to approximately $190,854,000 COP.

Key Dates and Deadlines

The DIAN has established specific deadlines for filing tax returns in 2024. Failure to meet these deadlines may result in penalties and surcharges. The following are the key dates to keep in mind:

• August 12-29: Taxpayers with NIT (Número de Identificación Tributaria) ending in 01-26 are required to file their returns.

Common Errors to Avoid

It is crucial to avoid common errors when filing your tax return to ensure accuracy and minimize the risk of penalties. Some of the most frequent mistakes to be aware of include:

• Incomplete or inaccurate personal information: Ensure that you provide complete and accurate information, including your full name, cédula number, address, and other identifying details.
• Omission of income: Failing to declare all sources of income, such as salaries, wages, dividends, and rental income, can result in underpayment of taxes and potential legal consequences.
• Late filing: Submitting your tax return after the established deadline will incur a penalty. The penalty increases with each month of delay.
• Incorrect asset or wealth information: Accurately reporting the value of your assets, such as property, vehicles, and investments, is essential for calculating your tax liability.
• Unjustified deductions: Claiming deductions that do not apply to your specific situation or making errors in calculating deductions can lead to adjustments by the DIAN, resulting in additional taxes owed.

Seeking Professional Assistance

If you encounter difficulties or have concerns regarding your tax return, it is advisable to seek professional assistance. A certified public accountant (CPA) or tax expert can guide you through the process, ensure compliance with tax regulations, and optimize your tax strategy.

Conclusion

Filing your tax return is a crucial obligation for Colombian taxpayers. By understanding the requirements, adhering to deadlines, and avoiding common pitfalls, you can fulfill your civic duty while protecting your financial interests. The information provided in this guide serves as a valuable resource for navigating the 2024 tax filing process in Colombia.