CHANGES IN THE TAXABLE PERIOD OF VAT
The reform reduces the different VAT taxable periods to two: bi-monthly and quarterly
VAT returns used to have a bi-monthly, quarterly or annual periodicity.
Trying to decrease the problems in relation with the multiplicity of taxable periods of VAT, the tax reform reduced these taxable periods into the following two:
- Bi-monthly returns, for taxpayers whose income exceeds 92.000 UVT (COP $2.737.276.000).
- Quarterly returns, for taxpayers whose incomes the previous year, did not exceed 92.000 UVT (COP $2.737.276.000).
This change is regulated in Article 196 of Law 1819 of 2016.