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The condition for declaring income from national sources is to belong to one of the following categories when doing business in Colombia:
Foreign legal entities and entities with a permanent establishment or branch in the country.
Individuals, national or foreign, with or without residence in the country.
Undivided successions of deceased persons with or without residence in the country at the time of their death. And for income from foreign sources:
Individuals, national or foreign, resident in the country.
Undivided successions of deceased persons with residence in the country at the time of their death. (Articles 9 and 20-2 of the ET)
In terms of income tax, what does a natural person who is a resident in Colombia need to declare?
Natural persons resident in Colombia are subject to income tax and complementary tax on their national and foreign income and occasional gains, as well as their assets owned within and outside the country, and must declare both. (Article 9 of the ET)
What is the income from national sources?
According to Article 24 of the tax statute, «income from national sources» includes:
Income derived from the exploitation of tangible and intangible assets within the country and the provision of services within its territory, permanently or temporarily, with or without its own establishment.
Income obtained from the sale of tangible and intangible assets, of any kind, that are within the country at the time of their sale. This article also mentions 15 more conditions that specify the different types of income; it is important to refer to this article for verification.
If you have questions, please contact us for further information.
www.doingbusinessincolombia.com
EMAIL info@doingbusinessincolombia.com
TEL +57-305-461-9162
