Income tax taxpayers domiciled or resident in Colombia who, as of January 1, 2018, held any type of asset abroad must file the declaration of such assets using Form 160, as prescribed by Article 2 of Resolution 000002 of January 15, 2018.
The deadlines for filing this declaration opened on April 10, 2018, for both large taxpayers and legal entities, and will end for large taxpayers on April 23, 2018, and for legal entities on May 8, 2018. For natural persons, the deadline will begin on August 9, 2018, and will expire on October 19, 2018. These dates coincide with the time granted by the government for filing the income tax and complementary tax return.
This declaration must be completed and submitted electronically, and it establishes that, if done by other means, it will be considered by the DIAN as not filed. This declaration of foreign assets is informational and does not calculate the tax due, therefore, it will not result in any balance to pay or balance in favor.
However, if the declaration is filed after these dates, a penalty will apply corresponding to 1.5% of the total value of assets held abroad, provided they are filed before the prior notice for failure to file; if filed after, the penalty will be 3% of the assets held abroad and may be higher if filed after the resolution for failure to file issued by the DIAN.