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Colombia Introduces Expedited Tax Refund Process During COVID-19 Crisis

Colombia Introduces Expedited Tax Refund Process During COVID-19 Crisis

Colombia Introduces Expedited Tax Refund Process During COVID-19 Crisis

Colombia issued Decree No. 535 of April 10, 2020, which shortens the automatic refund procedure for income tax and VAT balance during a health emergency COVID-19.

This means that for taxpayers who are not “risky”, income tax and VAT refunds are provided for 15 days from the date of the request (usually it takes up to 50 days). For high-risk taxpayers, a refund within 15 days is still possible, but additional verification and processing is required.

It is also stipulated that taxpayers requesting compensation under the reduced procedure do not need to submit an application for expenses and deductions with the request, although the application must be filed within 30 days after the lifting of the state of emergency. Failure to submit will result in fines.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.

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