How much must you earn to declare income in Colombia?

The income tax return is a procedure that allows the Government to calculate how much tax each taxpayer has to pay according to their economic capacity, reported assets and debts. However, for the DIANnot all people should perform this procedure. Find out who this measure reaches according to what a citizen earns.

What requirements must you meet to declare income?

According to the website itself National Tax and Customs Directoratea taxpayer must declare his assets if he meets the following requirements.

1. Gross Assets: If the gross equity as of December 31, 2023 is greater than $190,854,000 pesos.

2. Gross Income: If the gross income during the year 2023 is equal to or greater than $59,377,000 pesos.

3. Credit Card Consumption: If the consumption made by credit card in 2023 exceeds $59,377,000 pesos.

4. Purchases and Total Consumption:If the total value of purchases and consumption exceeds $59,377,000 pesos.

5. Bank Consignments and Deposits: If the accumulated total of bank deposits, deposits or financial investments is equal to or greater than $59,377,000 pesos.

6. VAT liability: If the person is responsible for Sales Tax (VAT) at the close of the taxable year.

(READ: Citizen Income: the date in November that beneficiaries must take into account)

Who is exempt from this measure?

Low Income Wage Earners: Employees whose income comes at least 80% from an employment relationship and do not exceed the aforementioned limits are not required to declare.

(MORE: How much money should you earn in Colombia to be considered a good salary?)

What are the functions of declaring income?

Although it has several uses, some of the most important are the following:

1. Contribution to the State: The money contributed contributes to the economic and social development of the country.

2. Financial Record: It serves as an official document that records the financial movements of a natural person during the fiscal year.

3. Access to Benefits: By filing, taxpayers can access deductions and tax benefits.

4. Legal Compliance: It is an obligation and failure to comply with it can result in financial penalties and other legal problems.