Update of the UVT impacts the calculation of taxes on assets in the country
The Tax Value Unit (UVT) set by the National Tax and Customs Directorate, DIAN, impacts the declaration of wealth tax, since it is used as a measure to calculate various taxes in Colombia, including this one.
As of January 1, 2024, the DIAN set the Tax Value Unit (UVT) at 47,065 pesos. Since the Tax Value Unit (UVT) is updated each year, taxpayers in Colombia must adjust their tax calculations by multiplying the value of the UVT, as established in the tax statute.
According to the DIAN, those individuals or entities that have liquid assets equal to or greater than 3,388,680,000 pesos as of January 1, 2024 must file the wealth tax return. This means that people who have assets equal to or greater than 72,000 Tax Value Units.
The tax is calculated considering the total value of the assets, discounting debts and extensions permitted by the corresponding legislation. It is important to mention that this tax applies only to people who do not declare income.
The payment of this tax is made in two installments, according to the Tax Identification Number (NIT). Fees vary depending on the value of the assets reported:
For assets between 72,000 UVT, a rate of 0.5% applies. Between 122,000 and 239,000 UVT, the rate is 1%. From 239,000 UVT, the rate increases to 1.5%.
For the year 2023, the established payment dates were between May 9 and 23 for the first installment, and between September 7 and 20 for the second.