Colombia Tax Planning
Tax planning for Expats in Colombia: This topic has become more important than ever for expats living in Colombia now. The Colombian immigration authority, Migracion Colombia has just begun sharing immigrant / visitor information with the Colomiban tax authority, the DIAN. So, now they are keeping track of how long people live in Colombia, in order to know who has become a tax resident. A Colombian tax resident is a person or corporation that is in Colombia more than 183 days in a year. This means you have to file taxes based on your world wide assets and income.Foreign tax residents must pay taxes on foreign income earned outside of Colombia as well as a tax on all foreign and domestic assets, such as money in banking accounts, investments, and real estate. It is important to understand TAX DEDUCTIONS IN COLOMBIA are applied using Colombian tax law, calculations and tax brackets using slightly different procedures than other countries.
Assets, Payroll, Income and Profits are all important variables which heavily effect your operation expenses and profit margins. Colombia has a very unique legal system and set of constantly evolving tributary laws. Its best to hire a team of profession attorneys and accountants to analyze and understand to have a successful plan of action.
Colombian tax planning is important to analyze free trade, benefits, government programs, laws promoting business, employment, new business, discounts in.
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