The tax return is a document in which income, expenses and investments are recorded. It is submitted to the National Tax and Customs Directorate (DIAN) and is used by the State to calculate whether the taxpayer must pay taxes and how much his obligations would amount to, this is done every year, taking into account the stipulated ceilings of each one.
Who must file income tax returns?
Those who as of December 31 of the taxable year 2021:
- Who are not liable for sales tax ¬ VAT,
- That the gross equity on the last day of the taxable year 2021 does not exceed 4,500 UVT ($ 163,386,000).
- That the gross income is less than 1,400 UVT ($ 50,831,000).
- That the consumption by means of credit card does not exceed 1,400 UVT ($50,831,000).
- That the total value of purchases and consumptions does not exceed 1,400 UVT ($ 50,831,000).
- That the total accumulated value of bank deposits, deposits or financial investments does not exceed 1,400 UVT ($ 50,831,000).
- What happens if I decide not to declare income?
What happens if I decide not to declare income?
If you file your tax return after your due date, you will have to pay a penalty for late filing, known as penalty for untimeliness.
This penalty is equivalent to 5% of your tax liability and increases for each month or fraction of a month that passes between the due date and the date on which the tax return is filed. In any case, the minimum penalty for 2022 will be $380,000. This means that just for filing one day late, you would already have to assume a penalty of at least $380,000, even if your tax return shows a value to be paid of zero.