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Colombia: Relief from advance income tax payments for businesses in certain economic sectors (COVID-19)

Colombia: Relief from advance income tax payments

The percentage of advance payments of income tax required to be remitted by certain taxpayers is reduced to 0%—a relief measure provided to certain taxpayers that have been affected economically by the coronavirus (COVID-19) pandemic.

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Decree 375 of 9 April 2021 reduces the percentage of payments of advance income tax and supplementary tax to zero percent (0%) for taxpayers (grandes contribuyentes) operating in certain listed sectors. This relief is intended to improve cash flow for entities in the affected sectors (that is, sectors that continue to show negative economic growth).

Taxpayers not conducting listed business activities must continue to remit advance payments of income tax pursuant to normal procedures.

Read an April 2021 report (Spanish) prepared by the KPMG member firm in Colombia

Separately, Decree 376 of 9 April 2021 provides relief regarding late payments of pension contributions for April and May 2020. A grace period of 36 months, beginning 1 June 2021 through 31 May 2024, is provided to allow for payment of the missing contributions corresponding to the months of April and May 2020, without requiring payment of interest for the late payment.

Read an April 2021 report (Spanish) prepared by the KPMG member firm in Colombia

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