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On Wednesday, October 21, the deadline for natural persons to make their 2020 income tax return on their 2019 income expired.
It is estimated that some 3.5 million Colombians were called to comply with this obligation; however, not all, for multiple reasons, do, and assume risks ranging from the payment of untimely penalties to the seizure of real estate by the National Tax and Customs Directorate (Dian).
Read: (Tax collection reached $ 112.2 billion)
The online income declaration platform Tributi.com points out some of the implications of not declaring income.
Read: (Myths and truths about the income tax return)
OUT OF THE TERM
Keep in mind that if you did not make the payment of the tax within the dates established by the Government, will have to assume a penalty whose cost varies between 5 and 10 percent of the tax charged, for each month or fraction of a month of delay. In other words, if you present the declaration one day after the deadline, you have to pay this penalty.
MORA INTERESTS
Late payment generates interest on arrears between the date established to pay and the time of payment.
These interests will be settled at the usury rate set by the Superfinancial, minus two points, for each day it takes to pay the tax, calculated on the value of the tax that you have not paid.
Therefore the recommendation is: If you do not have the money to pay this tax at the time of the declaration, look for some form of financing through a bank to keep up to date.
IF YOU DO NOT DECLARE
If you meet the requirements to declare income and do not do so, not even extemporaneously, the penalty could be the greater of 20 percent of your gross income or the value of the bank consignments of the return not filed, and 20 percent of your gross income reported on the last tax return filed.
The minimum penalty defined for those who file their return outside the established deadlines is 356,000 pesos.
