15 days ago, for the first time, the US authorities reported to the Dian (the Colombian entity charged with collecting taxes) all the accounts that Colombian citizens have in the country. The list includes not only individuals, but also legal persons. The information refers to the years 2014 and 2015. Data for 2016 will arrive on September 30, 2017.
Recently, the government of the United States has included the Republic of Colombia (along with two other Latin American countries – Brazil and Mexico that are already part of the index) on the list of the countries with which to share an automatic information exchange.
The inclusion of Colombia in the mentioned list represents a step forward in the fight against the tax evasion and exemption, started in 2001 with the ”Agreement for the exchange of tax information between Colombia and the United States”, approved by the Congress of the Republic of Colombia in 2013 with the Law 1666.
In accordance with the terms of this agreement, financial institutions in the United States shall have to identify financial transactions and the related returns held by Colombians.
In this way, annually, on September 30, the Internal Revenue Service (IRS) of the United States and the DIAN will automatically exchange the data that is stipulated in the agreement.
However, has been emphasized that not all Colombians who have accounts in the United States must pay tax there, but this only applies to tax residents in the United States and to individuals who have made financial transactions of more than $50,000 or legal persons with balances greater than US $250,000.