1. New form 350 (Withholding at source) will take effect from August 1st, 2024.

Remember that on February 29th, 2024, the DIAN issued Resolution 00031 of 2024, which prescribed the new form 350 that will come into force as of August 1st, 2024.

Among the changes we observed, it stands out that (i) withholdings made to legal entities and individuals are disaggregated, (ii) withholdings for the purchase of coal and oil are disaggregated, and (iii) payment concepts for significant economic presence.

See: https://jadelrio.com/storage/Boletines/Colombia

2. Tax effects in the Bogotá 2024 - 2027 National Development Plan

On June 7th, 2024, the Mayor's Office of Bogotá published Agreement No. 927, establishing the National Development Plan for 2024 to 2027.

Among the main tax impacts, it brings:

1.Fire service surcharge

A fire service surcharge is established with the following substantial elements:

2. Progressivity in the rate for taxpayers who formalize.

This measure applies to industry and commerce taxpayers who meet the criteria to be classified as microenterprises (having annual income less than 23,563 TVU (Tax Value Unit) .

It is worth mentioning that the Agreement excludes from this benefit economic activities such as financial, transportation, automobile sales, film presentation in movie theaters, construction of public service projects, and wired telecommunications activities, among others.

The rates are progressive from 2024 to 2030. Thus, taxpayers who take advantage of this benefit will pay the full industry and commerce rate from 2031 onwards.

2.    3.Billing

The billing system for the industry and commerce tax, ICA (as its acronym in Spanish), has been adopted.

Even though it was approved, the implementation will be gradual and only occur when the district tax administration issues regulations.

3.    4.Tax relief

 a.    Obligations susceptible to discussion.

b. Final Tax Obligations

In the case of penalties for not sending information, the responsible party may deduct 80% of the amount owed provided that, no later than December 13, 2024, they pay 20% of the penalty paid on that date.

If the sanction is given by administrative act, 20% of the sanction must be paid.

The content of this newsletter is merely informative, that´s why it cannot be used under any circumstances as advice on the matter described in it. If you need advice on any of the aspects discussed, our team of professionals will be willing to assist you. contacto@jadelrio.com