Colombia Tax Planning
Taxes are no fun to deal with in any country, and as a foreigner living in Colombia, you have a lot of extra things to consider. First of all, even if you don’t have a business in Colombia, you are an individual tax resident if you live in Colombia for more than 183 days of the year. In this case, you will need to file individual taxes in Colombia based on your world-wide income and assets. Tax deductions in Colombia are figured differently than what you might be used to in your country of origin. As you can see, careful tax planning becomes more important now than ever, so that you don’t overpay (or underpay) in either country.
If you own a Colombian corporation, the laws regulating it are hard to keep up with. The legal system is unique in Colombia, and the laws seem to change on a regular basis. A team of Colombian lawyers and accountants can help you keep your papers in order, avoid penalties, and lower your stress.
Variables such as assets, payroll taxes and employees, and your income affect your profit margins and, therefore, your Colombian taxes. Each Colombian business and situation is unique, so the accountants at Colombia Legal & Accounting carefully review your circumstances and consider how each law applies to you.
Contact us today in Colombia or in the US to get acquainted with our team of qualified Colombian accountants and lawyers, and to get help with your Colombian tax planning.