It’s a reminder for the Colombian taxpayers wishing to take part in ongoing tax amnesties. The Colombian 2019 tax reform establishes a tax amnesty to “normalize” (i) unreported assets; or (ii) nonexistent liabilities that were included on a tax return.
The amnesty will apply only for 2019. The due date for filing the normalization tax is 25 September 2019. The applicable tax rate is 13% of the value of the unreported assets or nonexistent liabilities.
The amnesty program enables taxpayers to resolve tax debts with the tax agency where they were the subject to an unresolved dispute. Furthermore, taxpayers can be benefited by 80%, 70%, or 50% reduction in interest and penalties on outstanding tax debts by September 30, 2019.
