Through this legal update we want to call your attention regarding on the closeness of the due dates to file the “Assets possessed abroad” return, for income and complementary tax taxpayers who own assets abroad, such as shares, accounts receivable and bank accounts, among others.
Due dates to file the return on this year are from April 10 until May 11, 2017, for legal entities, and from August 9 until October 19, 2017, for individuals.
Please bear in mind that after Law 1819 of 2016 (“Structural Tax Reform”) entered into force, for the
non-filing of the “Assets possessed-abroad” return or the extemporary filing, the Colombian Tax Authority could enforce a penalty that may reach up to the 25% of the value of the assets possessed abroad (when extemporary filing), and a penalty up to the 5% of the gross equity possessed by the taxpayer in the previous year, when incurred in omission of the filing.
Therefore, any advising service that you may require regarding the determination of the assets to be declared, the preparation and presentation of the “assets possessed-abroad” return, please do not hesitate to contact us.
Likewise, we will be attentive to answer all concerns on this subject, including those related to the possible inconsistencies arisen between the “assets possessed-abroad” return and the net-wealth tax return, or with the values applicable to declare such assets, or how to declare fiduciary rights held abroad, temporary investments and bank accounts, among others.
Finally, we put at your disposal our experience and knowledge on the matter.