The director of the DIAN, Luis Carlos Reyes, announces some changes to the 4×1000 tax, but does not indicate the dates of its application.
In the complex network of financial transactions that characterize the day-to-day life of the economy, the Tax on Financial Movements (GMF), popularly known as 4 X 1000, emerges as a key piece in tax collection. This tax, which is applied in various financial operations, is the subject of attention by both citizens and economic policy experts.
The GMF, as its name suggests, is equivalent to 0.4% of the value of specific financial transactions. Its application extends to a series of common financial actions, including withdrawals in cash, check, checkbook or debit card, as well as the transfer of balances between checking or savings accounts. Likewise, it applies to the use of electronic teller machines and the issuance of cashier’s checks.
It is important to keep in mind that, although the GMF is collected by banking entities, its final destination is the public treasury. These funds are incorporated directly into the State accounts, thus contributing to the financing of various government programs and projects.
However, there are certain exceptions where the GMF does not apply. One of them is when transfers between checking or savings accounts are made within the same bank and are in the name of a single account holder. In these particular cases, the tax is exempt, allowing fluidity in intrabank financial operations.
In summary, the GMF or 4 X 1000 stands as a fundamental mechanism in the country’s tax collection, affecting various daily financial operations. Knowing its scope and exceptions is essential to understand its impact on the personal and national economy.
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