Colombia VAT reporting update

Tue 5th May 2015

Colombia has updated the rules to determine the frequency of VAT reporting. The guidance issued by the National Tax Authority updates the existing tax code.

VAT registered businesses are required to file VAT returns in either a bi-monthly, quarterly of annual basis. This is based on annual turnover thresholds, and the prior calendar year is used as the determining base. Newly established businesses will have to file on a bi-monthly basis for their first year.

VAT Returns are generally submitted via form 300 – although there is a separate reporting schedule for businesses using the reverse charge. The reporting deadline is the last working day of the month following the reporting period.

The Colombian VAT rate is currently 18%.