Colombia’s tax administration has issued guidance establishing new criteria for determining who qualifies as a “large taxpayer”. Being identified as a “large taxpayer” may affect specific arrangements for paying taxes, and may affect both income tax and value added tax (VAT) liabilities. For instance, installments of income tax generally are required to be paid in April and June; however, “large taxpayers” may be required to pay their taxes in five bimonthly installments, beginning in February of each year.
Resolution No. 000027 sets forth the rules for who qualifies as a large taxpayer—rules that generally are based on certain minimum threshold amounts concerning fixed assets, net assets, and gross income declared for income tax purposes.
