Tax obligations to be fulfilled by 2024 - Individuals

Electronic information for the year 2024

Under the Ruling 00001255 of October 26, 2022, individuals who have obtained income for the following concepts and amounts (*), among others, are obliged to file electronic information for the year 2024:

1. Gross Income equal to or greater than COP$ 500 million in the year 2022 or 2023.
2. Gross income equal to or greater than $100 million in the year 2023 received for the following concepts:

• Capital income: those obtained by the concept of leases, and financial yields,   among others.

• Non-labor income: all those different from if) labor income (e.g. salaries, fees, commissions), ii) dividends, iii) pensions and iv) capital gains

(*) It is necessary to comply with both assumptions (a and b) to be obligated.

Taxpayers, individuals under the Simple Taxation Regime, earning COP 500,000,000 or more in 2022 or 2023 must provide additional information, irrespective of income type.

If according to the above, you are required to file electronic information for the year 2023, you must do so between May 08 and June 06, 2024 (the deadline in each case depends on the last digit of the NIT).

Wealth Tax 2024

Wealth tax is levied on national or foreign individuals, unliquidated estates, as well as foreign companies or entities that are not income tax return filers and that own assets located in Colombia with some exceptions.

Such tax is generated by the possession of liquid assets equal to or higher than 72,000 UVT (COP$ 3.388.680.000) as of January 1st, 2024, and its tax return (if obliged) must be filed between May 10 and 24 according to the last digit of the Tax ID.

Income Tax 2023

According to Section 592 of the Colombian Tax Code, tax residents who meet the following conditions must file an income tax return for the taxable year 2023:

• Obtaining gross income for a value equal to or greater than 1,400 UVT (COP$59.376.800) during the year 2022.
• Having a gross net worth of more than 4,500 UVT (COP $190.854.000).
• Consumption through credit card greater than 1,400 UVT (COP $59.376.800).
• Purchases and consumptions greater than 1.400 UVT (COP $59.376.800).
• Bank deposits, deposits, or financial investments greater than 1,400 UVT (UVT (COP $59.376.800).

Non-tax residents must file income tax return on revenues received in Colombia if it was not withholding tax applied (Section 407 and 408 of the Colombian Tax Code).  

This obligation must be complied with according to the last two digits of the Tax ID between August 12^th and October 24^th.

Tax return of assets abroad 2024

Finally, it is important to consider that Colombian tax residents who as of January 1st, 2023, have assets abroad for a value of more than 2,000 UVT (COP $94.130.000) must comply with the obligation to file the tax return of assets abroad on the same due date of the income tax return.