Single Registry of Final Beneficiaries -RUB-
Resolution 167 of December 27th, 2021 issued by the Colombian Tax Authority (which entered into force on January 15th, 2022), regulated the Single Registry of Final Beneficiaries (“RUB”) created by Law 2155 of 2021 (latest tax reform), in which legal entities and structures without legal status or similar must provide information on their final beneficiaries, in order to contribute to the fight against corruption, assets laundering, financing of terrorism and tax evasion.
The following entities or structures are obliged to provide information in the RUB:
- Profit and non-profit national companies and entities, including those whose shares are listed on one or more stock exchanges.
- Permanent establishments.
- Structures without legal status or similar, in any of the following cases:
- Those created or managed in Colombia.
- Those governed by Colombian regulations.
- Those whose fiduciary or equivalent position is a national legal entity or a Colombian tax resident individual.
- Foreign legal entities and structures without legal status, whose assets located in Colombia represent more than 50% of the total value of the assets owned, according to their Financial Statements.
The following entities or structures are not obliged to provide information in the RUB:
- Public entities, establishments or bodies, decentralized entities (except mixed-economy companies) and national companies in which 100% of their participation is public.
- Embassies, diplomatic missions, consular offices, international organizations or agencies accredited by the National Government.
Regarding each final beneficiary, the following information must be provided electronically, through Forms 2687 and 2688:
- Document type.
- Identification number and country of issuance.
- TIN or functional equivalent and country of issuance.
- Names and surnames.
- Date and country of birth.
- Country of nationality.
- Criteria for determining the final beneficiary.
- Percentage of participation in the capital of the legal entity.
- Percentage of benefit in the returns, results or profits of the legal entity or structure without legal status.
- Date from which the quality of final beneficiary or the condition exists.
- Date from which the quality of final beneficiary or the condition ceases to exist.
In case of structures without legal status that are not required to be registered in the Single Tax Registry (“RUT”), the following information must be provided in the Identification System of Structures without Legal Status (“SIESPJ”):
- Type of structure without legal status.
- Name and alphanumeric code assigned internally to the structure without legal status.
- Date of creation of the structure without legal status.
- Termination date of the structure without legal status.
- Identification number of Structures without Legal Status assigned by the Colombian Tax Authority.
- Start date of administration of the structure without legal status.
- End date of administration of the structure without legal status.
- Change of administrator of the structure without legal status.
Legal entities or structures without legal status, created before January 15th, 2022, must provide their information in the RUB no later than September 30th, 2022. Otherwise, the information must be provided in the RUB within the 2 months following the registration in the RUT or the SIESPJ, as appropriate.
Should you have any concerns about the RUB, please do not hesitate to contact us.
Author: Juan Fernando Díaz I [email protected] I Tax Law