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Key aspects for the income statement in Colombia.

In order to be ready for the income statement year 2020, it is important to have your tax ID updated and electronic signature in the DIAN system.

Likewise, the DIAN has established each tax year a limit referring to income, goods, purchases, consumptions, bank deposits or transfers from the previous year.

Initial analysis

o Verify the due date in the tax calendar period with the last NIT digit between August and October and update your tax ID information.

o Identify the time of stay in the country is greater than 183 days continuously or discontinuously in a range of 365 consecutive calendar days.

o Review double taxation agreements

o If you have declared income in the country of origin

o Request the 220 form (Issued by the Company you work for)

o Verify the electronic signature with DIAN

Financial analysis

§ Determine equity (assets/investments): The net equity must be superior to 4.500 UVT ($160.232.000) up to December 31st 2020.

§ Determine the income: Income equal or superior to 1.400 UVT ($49.850.000) during year 2020.

§ Determine the payments that constitute deductions and expenses year 2020: meaning a) consumptions made with a credit card superior to 1.400 UVT ($49.850.000) during year 2020. b) Total purchases and consumptions superior to 1.400 UVT ($49.850.000) during year 2020. c) Total accumulated in bank deposits, wire transfers or financial investments superior to 1.400 UVT ($49.850.000) during the year 2020. d) Finally, be responsible for the VAT at the end of the taxable year 2020.

Please bear in mind to start the income statement with one (1) month in advance to gather all the require documents and clear any doubt.

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