Colombia: Taxpayers can adjust the value of their fixed assets to 7.08%

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On 30 December 2016, the Colombian National Tax Authority (DIAN) published a Decree 2202 of 2016 that regulates articles 70 and 73 of the Tax Code (TC) related to fixed asset value adjustments and the determination of taxable income or capital gains on the alienation of shares and fixed assets by individuals for tax year 2016, as follows:

Fixed asset value adjustment

Company and individual taxpayers can adjust the value of their fixed assets to 7.08% when filing their income tax returns for taxable year 2016.

Individual income tax or capital gains

For taxable year 2016, individuals may use the following amounts as the tax value of assets for the determination of income or capital gains on the alienation of shares, participations and immovable property:

  • the value obtained by multiplying the tax cost of the alienated assets as declared in the income tax return for taxable year 1986 by 33.61 for shares and other participations and 276.12 for real estate; or
  • the value obtained by multiplying the acquisition cost of the alienated assets by an amount determined using the year of acquisition according to the table provided by article 2 of Decree 2453 of 2015.

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