What should you take into account when paying your taxes in 2023?

Experts present recommendations to adequately comply with tax obligations.

In the second quarter of the year, many of the due dates for the payment of tax obligations of natural persons begin, and taking into account the dates, the way to present your taxes, as well as other recommendations, are then fundamental.

Although the deadlines for some obligations were met throughout May, the best thing taxpayers can do is have a calendar handy and check when they should pay their taxes.

Keys to filing taxes well

From the consulting firm EY, it is recommended that people determine in advance which are the declarations that must be presented throughout the year and gather the necessary documentation. This in order to comply with the established deadlines and reduce the probability of incurring certain sanctions or default interest.

"The obligations in charge of people will depend on their individual situation and could include the declaration of the new wealth tax, property tax, vehicle tax, income declaration and declaration of assets abroad, subject to compliance in each case with the requirements stipulated by law", highlights the company.

One of the taxes to take into account on these dates is the declaration of the wealth tax, which was created permanently by the most recent tax reform issued in December 2022.

"This declaration must be presented -among others- by people who as of January 1, 2023 had liquid assets, resulting from their assets minus debts, tax valued at at least $3,053,664,000," explains Ángela González, EY Tax Associate Partner.

The presentation of the declaration and the payment of the first 50% of the wealth tax, has been carried out since May 9, and the maximum term for it is the 23rd of this month, depending on the last digit of the NIT of the person. The payment of the second installment will be made from September 7.

Another key obligation at this time is the reporting of exogenous information. As González explains, this report must be submitted by people who, in the first place, in 2021 or 2022 had gross income of at least $500 million and who, in addition, received income of at least $100 million in 2022 from capital and/or non-labor income under the terms of the tax law.

And although there is still time, an obligation for which taxpayers must prepare in the second semester is the income statement. This corresponds to the activity that people had during the year 2022. Therefore, it will not yet reflect the changes introduced by the tax reform for equality and social justice.

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