The Right Avenues for the proper Tax Return

The industry and commerce taxes (ICA), the property tax and the registration tax, are the most important local taxes, that is, they are taxed and administered depending on the location where the property is located or the activity is developed. The industry and commerce tax varies from 0.2% to 1.4%, the property tax from 0.3% to 3.3% and the registration tax from 0.1% to 1%. Using the tax return calculator is important in this case.

In what month should I pay my 2020 taxes?

On December 23, 2019, Decree 2345 was issued, which determines the tax maturity calendar for 2020.

Taxes to be paid in 2020: Income and complementary tax

The deadline for filing the income tax declaration and complementary must be taken into account according to the different groups required to declare:

Large taxpayers: they will present the income and complementary tax declaration for the taxable year 2019 between April 14 and 27, 2020, according to the last digit of the declarant’s NIT.

The taxes are the main way to raise of the state, i.e., it is the way most public revenues used to pay administrative, infrastructure or services, among others is obtained.

What are taxes?

It is definitive that taxes are taxes paid by each person, family member or company to the State in order to pay for collective needs, which affect the entire population.

We must know that all taxes are not equal, because not all of us pay the same taxes, depending on our wealth we will have to pay more or less. 

Tax types: Direct and indirect

Now we must see the different tax classification according to whether it takes into account the ability to pay. We can find the following types of taxes:

Direct Taxes: Direct taxes are statutory liens that must be paid by all of us and are applied directly to people who have income or assets taxed.

Indirect taxes: other types of taxes are indirect taxes, they are levies on certain products or services. These taxes are the same for everyone and do not take into account the taxpayer’s ability to pay.

Tax types: Direct and indirect

Tax types: Tax classification

We can also establish another tax classification, depending on whether they are national, departmental and municipal taxes.

National taxes: are the taxes issued by the executive branch and submitted to the national congress for approval. The taxes of the national order are: 

Value added tax (VAT): this tax is included on all sales of goods and services in the national territory.

Income tax: these are the income of individuals adjusted for deductions and exemptions. Income tax rates increase with the taxpayer’s income. 

National stamp tax: it is included in the protocolization of any contract or public instrument that is included in the securities that are granted or accepted in the country signed between individuals with the state or also between individuals

Special contributions: these are special taxes to finance specific needs in the nation’s budget.


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