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Tax in 2015
A new year brings with it new tax obligations which must be met. Taxand Colombia provides an overview of the key tax commitments multinationals with operations in their country should be aware of in early 2015.
Income tax for equality surcharge
Law 1739 of 2014 incorporated a surcharge over the income tax for equality, known as 'CREE'. CREE taxpayers whose taxable base is higher than COP$800,000,000 (USD$327,017) are subject to the CREE surcharge. The surcharge will be paid as an advance payment of 100% of its value, and will be payable in two annual installments within the deadlines established by Colombian Government (although to date, the Government has not issued the Decree establishing such deadlines).
There is an obligation to file separate or consolidated informative returns, as well as to keep supporting documents with respect to the transactions performed with foreign related parties. Depending on the last digit of the Taxpayer Identification Number of the company, the filing dates of both the transfer pricing informative return and the transfer pricing study are due between 8 - 22 July 2015. Additionally, taxpayers subject to transfer pricing rules may enter into Advanced Pricing Agreements with the tax authorities. The relevant request must be filed within the first 3 months of the taxable year.
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