Mymenu1

Thursday, 27 July 2017

Colombian Income Tax

It looks like my Accountant dug into her bag of tricks and came up trumps again. Another year with zero payment, but only because she has been able to use Marcela's tax history to my advantage as my dependent, for this year! If not I would have had to pay $2.000.000 COP.

This still has to be confirmed but there is no reason to believe that will change. However I have been warned that the Government is changing the Tax System yet again, which will be back dated to reflect this year, 2017, and I will be paying tax from next year, unless my Accountant can work a miracle, let's be honest, she has said the same each year, and managed to pull it out of the bag, so it's always possible, but to be on the safe side, I have to set aside funds to cover that.

I will have to keep an eye on the Regulations, because quote:

The double taxation convention was signed between the UK and Colombia in London on 2 November 2016. The Convention will enter into force when both countries have completed their legislative procedures and exchanged diplomatic notes.

There is already an informal agreement between HMRC in the UK and DIAN in Colombia, but when this is implemented, it could work in my favour...there again!





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