Everything you need to know about your tax obligations in 2024

Income tax return

The income tax return to be presented in the second half of 2024 is the first to be made in force of the modifications introduced by the 2022 tax reform. Given that this reform significantly affected people, it is foreseeable that certain taxpayers will be generate significant increases in the value of the tax payable.

Wealth tax

This tax was created permanently by the 2022 tax reform. According to Ángela González, Tax Associate Partner at EY Colombia, this declaration must be presented – among others – by people who, as of January 1, 2024, They had liquid assets, resulting from considering all of their assets less debts, valued for tax purposes at at least $3,388 million pesos.

The presentation of the declaration and the payment of the first 50% of the wealth tax must be made no later than between May 10 and 24, depending on the last digit of the person’s NIT. The payment of the second installment will be made on September 13 as the only date. Exogenous information or in magnetic media

This report must be submitted by people who: i) in 2022 or 2023 had gross income of at least 500 million pesos and who, in addition, ii) received income of at least 100 million pesos in 2023 from capital income. and/or non-labor in the terms of the tax law.

Both conditions would have to be met to conclude that the person must report this information.

According to González, to determine if the first condition of the 500 million pesos is met, eventual sales of goods must be included. Such is the example of people who have sold a property; The sale price (not the profit obtained on that sale) must be added to the other income of the year, in order to confirm or rule out that this condition has been met.

Tax certifications

So begins the process of gathering the documents and certificates that allow people to determine what obligations they will have to fulfill for the remainder of the year. By the way, the deadline for entities such as banks, employers, etc., to issue tax certificates is March 27.

“It is important to determine in advance the tax obligations that one has, in order to adequately prepare the reports, comply with the established deadlines and reduce the probability of incurring certain penalties or late payment interests for late submission” concludes Ángela González, Associate. EY Colombia tax partner.