On 8 April 2019, Colombia issued Decree 608 of 2019 in the Official Gazette that provides rules on the filing of returns for the net worth tax between 26 September 2019 and 9 October 2019, depending on the last digit of the Tax Identification Number (NIT). The new tax was introduced under the Tax Reform Act for 2019 (Law No. 1943) and will be levied at a rate of 1% for 2019, 2020 and 2021.
Moreover, there are two instalment for the due tax, the first instalment being due between 9 and 22 May 2019 and the second between 26 September and 9 October 2019 for the both cases depending on the last digit of the NIT. Decree 608 also provides that the deadline for filing and payment of the regularization tax will on 25 September 2019 irrespective of the last digit of the NIT.
Decree No 608 also contains certain other rules, including income tax return, VAT, national excise duty, small business tax and withholding tax, which must be submitted through banks or other bodies authorized in Colombia except for taxpayers that are required to submit returns electronically.
The tax returns relating to national fuel tax, financial transactions tax, foreign assets return, foreign investors return, transfer pricing return, carbon tax, net worth tax and regularization tax must be filed electronically.
