- Colombia’s tax agency, DIAN, is cracking down on traders who fail to remit value-added tax
- Traders failed to remit COP2.1bn in VAT in November and December 2023
- More than 85,000 taxable persons are being pursued for non-compliance
- About 157,000 taxpayers are being challenged for not issuing electronic invoices
- Colombia introduced electronic invoice requirements for largest taxpayers in February 2023
- In December, a record high of 223 million electronic invoices were issued
- Steep late penalties apply for failure to remit VAT, with a daily interest rate of 31.3 percent
- Failure to pay VAT can result in criminal proceedings and imprisonment for up to 108 months
Source: answerconnect.cch.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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