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Colombia Announces Amnesty For Undeclared Assets

by Glen Shapiro, Tax-News.com, Washington

28 August 2017


Colombia has opened an amnesty for taxpayers to declare any undisclosed assets held or income derived in the 2015 to 2017 calendar years.

Under the scheme, which was announced on August 24, 2017, taxpayers have until December 31, 2017, to declare assets including real estate, investments, machinery, equipment, vehicles, rights to property, and cash and bank account balances.

Individuals will also be able to declare any liabilities that they had fabricated to reduce their tax bills.

Under the amnesty, taxpayers will have to pay a penalty of 13 percent of the value of their combined undeclared assets or fabricated liabilities, any interest that would have accrued, and a supplementary tax.

The amnesty comes ahead of the start of automatic tax information exchange among countries, which the tax authority warned could result in substantial penalties and prosecution.

TAGS: compliance | tax | tax compliance | law | Colombia | enforcement | tax authority | penalties

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