On 9 April 2021, the Colombian Ministry of Finance and Public Credit has published Decree No. 375, through which it reduces the advance payment to be made by income taxpayers in the year 2021 as a consequence of the emergency generated by COVID-19.
In accordance with Article 807 of the Tax Statute, the general rule is that taxpayers are required to pay 75% of the tax as an advance.
Now, regarding the economic activities that will receive the benefit, the general rule is that those taxpayers who carry out the economic activities included in the Decree will pay 0% of the advance. This rate is applicable for following business sectors:
- Transportation;
- Accommodation;
- Manufacturing;
- Restaurants;
- Sports activities; and
- Other recreational and leisure activities.
