INFORMATIVE FOREIGN ASSETS RETURN
Income Tax – Individuals
By means of Resolution No.000002 of 2018, DIAN issued Informative Foreign Assets Return for fiscal year 2018
As of 2015, Colombian tax residents holding assets abroad shall file the Foreign Assets Return, according to section 607 of the Colombian Tax Code. In the return the taxpayers shall inform the nature, type and value of the assets abroad.
Through Resolution No. 000002 of 2018, the Colombian Tax Administration issued the Form No. 160, which shall be used for submitting the Foreign Assets Return corresponding to fiscal year 2018. The return has to be flied on-line, using the digital signature issued by the Colombian Tax Administration, otherwise it will be ineffective.
Individuals shall file the Form between August and September, depending on the last two numbers of the Tax Identification Number of the taxpayer. In case of late filing the taxpayer could be subject to a fine of 1.5% over the value of the assets abroad, per month.