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14.3. Calendar of Important Compliance Events

Income Tax

Colombia´s taxable year runs from 1 January to 31 December (calendar year), and there is no option to elect a different period. Companies required to file tax returns must do so within the deadlines established by the National Government for every tax period. The deadline will depend on the tax identification number (NIT), and are determined by the Government every December for the following year.

It will also be necessary to file Form 1732 before filing the income tax return, in order to report accounting information. Form 1732 must be filed by “Major Contributors”, customs agencies, and companies not classified as Major Contributors if their income or fiscal assets of the previous year were COP$ 1.250.000.000 or higher.

Transfer Pricing

Taxpayers required to comply with transfer pricing obligations have to file the required information and supporting documentation during the month of July (in 2016), considering the dates specified by the National Government.

The specific day depends on the last digit of the NIT, without taking into account the verification digit.

VAT Returns and Payments

Before the tax reform of 2012, the VAT returns and payments had to be filed on a bimonthly basis. Now, article 600 of the Tax Code establishes that the compliance calendar for VAT depends on the income derived during the preceding tax year.

If the income derived during the preceding year exceeded 92,000 UVT, the VAT tax return has to be filed on a bimonthly basis. If the income is lower than 92,000 UVT and higher than 15,000 UVT, the VAT return has to be filed on a quarterly basis. If the income is lower than 15,000 UVT, the tax return must be filed annually, but the corresponding payment must be made in advanced by way of three installments during the taxable year. Further, VAT returns have to be filed on a bi-monthly basis if the taxpayer is involved in the supply of tax-exempt goods or services (e.g. exporters).

This provision was regulated by Decree 1794 of 2013, in which it is stated that the new VAT taxpayers that initiate their activities in such period must file their returns on a bimonthly basis. It also regulates the tax effects of filing VAT returns and paying the corresponding amounts not in accordance with the periods or terms established by law.

The specific day of the month on which the tax return needs to be filed, depends on the last digit of the NIT, without taking into account the verification digit, considering the dates specified by the National Government.