How to Know If You Must File an Income Tax Return in 2023
Filing an income tax return can often feel complex and stressful —but don’t worry, our team of experts is here to guide you every step of the way.
From gathering the necessary documentation to submitting your return, JyM Contadores ensures that the entire process is handled accurately, efficiently, and in compliance with Colombian tax regulations.
01.
Tax Thresholds
To determine whether you are required to file an income tax return in 2023, you must evaluate your income, salary, assets, and total earnings obtained during 2022.
The Colombian Tax Authority (DIAN) establishes specific financial thresholds based on the Tax Value Unit (UVT) each year.
If your gross income exceeds 1,400 UVT ($53,176,000 COP) or your gross assets at year-end exceed 4,500 UVT ($171,018,000 COP), you are obligated to file an income tax return in 2023.
02.
Maximizing Your Refund
Are you confident that you’re receiving the maximum refund available?
With frequent regulatory updates and new exemptions, our tax professionals are well-versed in every applicable deduction and tax credit, ensuring you receive an accurate and optimized refund.
We work to ensure that your declaration truly reflects every possible financial advantage allowed by law.
03.
Avoiding Penalties — or Unlocking Savings
Avoid fines and interest charges:
Filing your tax return after the legal deadline can result in penalties for late submission. If you owe taxes, you may also incur interest charges on the unpaid balance.
Our team can even assist you in resolving past-due balances and negotiating interest relief where applicable.
Save money on taxes:
Filing on time allows you to apply eligible deductions and tax credits, reducing your total tax burden and improving your liquidity.
04.
Credit and Financial Tools
Your updated income tax return is more than just a legal requirement —it’s a vital financial document.
Banks, lenders, and institutions often request it to:
Assess your creditworthiness
Evaluate risk exposure before granting loans or mortgages
Enable participation in public and private procurement processes
Update client and supplier records for due diligence
Having your declaration ready and accurate enhances your access to financial opportunities and strengthens your business reputation.
Conclusion
Filing an income tax return is a legal and financial responsibility for both individuals and corporations in Colombia.
Submitting your return on time —and paying any owed taxes— helps you avoid penalties and safeguard your financial standing.
In addition, financial institutions frequently require your latest tax declaration to verify your income and credit capacity when reviewing loans or investments.
At JyM Contadores, we make the process clear, efficient, and compliant, so you can focus on what truly matters: growing your business.
