Through resolution 164 of December 2021 (See EY Global Tax Alert, Colombia issues resolution on ultimate beneficial owners, dated 11 January 2021) and Resolution No. 37 of March 2022 (See EY Global Tax Alert, Colombia modifies regulations on ultimate beneficial owners, dated 4 April 2022), the Colombian Tax Authority has regulated the criteria for identifying ultimate beneficial owners (UBOs) of legal entities or structures without legal status (e.g., funds, trusts, collaboration agreements, etc.), as well as the information that must be reported to the Colombian UBO registry (RUB, per its acronym in Spanish).
Under the Resolution 1240 of 28 September 2022, the Colombian Tax authority extended the due date to submit the initial information on UBOs to 31 July 2023, for all legal entities and structures without legal status created before 31 May 2023.
Legal entities or structures without legal status created on or after 1 June 2023, must provide the information about UBOs within two months following either:
The date of registration before the Colombian tax registry (RUT per its acronym in Spanish)
The date of registration in the Identification System of Structures Without Legal Status (SIESPJ)
The moment when the obligation to submit the report on the UBO(s) arises
Additionally, structures without legal status created in Colombia before 31 May 2023 (not required to register in the RUT) must register in the SIESPJ before 31 July 2023. Structures without legal status created after 1 June 2023, must register in the SIESPJ within one month following its creation.
Finally, Resolution 1240 makes changes to the technical annex, seeking to facilitate the massive uploading of beneficial ownership data and/or the termination of beneficial ownership in the RUB.
For additional information with respect to this Alert, please contact the following:
Ernst & Young S.A.S. Bogota
Ernst & Young LLP (United States), Latin American Business Center, New York
Ernst & Young LLP (United Kingdom), Latin America Business Center, London
Ernst & Young Tax Co., Latin America Business Center, Japan & Asia Pacific