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Last November 22, The National Customs Direction (DIAN) implemented the possibility to make anticipated voluntary provisional monthly payments of the income tax in the hydrocarbons and mining products sector through Decree 2146 of 2018.

Taxpayers of this sector who take advantage of this regime as of January 1, 2019, will be able to declare and pay the value corresponding to 4.5% of the gross value of the payment or credit on account in foreign currency for hydrocarbon or mining products exports. For the months of November and December 2018, the rate will be 50%.

Those who opt for the system will be exempt from declaring and paying the regular withholding at the source tax from the moment they enter into the exemption system and as long as they remain in it. The payment will be due in accordance to the tax payments calendar and in the case of those who apply in November and December 2018, the cut-off date will be December 28.

This rule aims to take advantage of the liquidity generated by the increase in oil prices and products from the mining sector and will surely serve to cover some of the announced missing from the national budget for 2019.