Taxes for the sale of real estate in Colombia, importance an
Feb 12, 2024 12:52:05 GMT
Post by mdshamiul777 on Feb 12, 2024 12:52:05 GMT
The payment of real estate taxes is one of the different types of income that supports the finances of any country. In the particular case of Colombia this tribute has a quite significant value. This is because this country has progressively become an interesting market with a high real estate movement. In addition to this, the properties of all types that are offered are really attractive for investors. Next, we will describe the tax obligations that apply as a result of the sale of real estate. Additionally, we will learn the importance of complying with your payment and the most appropriate tools to manage them. What taxes apply for the sale of real estate in Colombia? Colombian legislation has established several different taxes that apply to the sale of real estate . Now, the value of these taxes is proportional to the price of the good; in addition, they were designed based on technical criteria. Next, we will show the taxes that apply for sales of real estate according to the legislation in Colombia.
The value is calculated on the profit of the sale made . That is, the difference between the commercial value and the tax cost or sale value. For example: a property is sold for 300 million. However, its tax cost is 200 million, so it is a sales profit of 100 million. Finally, the tax is established at 10% on that profit. Properties used as the main residence by the seller are exempt from this tax. Income tax on real estate Vietnam Email List This lien applies to sales of goods that have been in the seller's possession for less than 2 years. It is because it is considered liquid income. In addition, it must be paid once the corresponding income tax return has been made . The value of the tax is calculated taking into account the progressive table issued annually by the Treasury. Withholding Tax at Source This tax is collected at the time of legalizing the sale of the property. In this sense, the notary issues the collection of withholding at source. The amount corresponds to 1% of the sale value and must be paid by the seller or, failing that, the owner of the property. There is an exemption on this tax.
It applies when the property for sale has been the seller's home for more than 2 years. In this case the notary will subtract 10% from the value for each year since its purchase. For this exemption to be valid, the seller must present the following documents: Property purchase deed. Certificate of tradition and freedom. This document must demonstrate possession of the property for a period of more than 2 years. Copy of the property tax receipt. This must show an appraisal equal to or at least less than 15,000 UVT. Solvency of the payment of mortgage loans or property debts already paid. Registration and Charity Tax Registration of the new deed has a cost of 1.67% of the value of the registered sale. Your payment must be made at the public records office. In addition, this must be done within 2 months of signing or you will have to pay late payment interest. Regarding charity, the rates vary in each department. Due to this, it is necessary to confirm the amount to be paid at the corresponding tax office.
The value is calculated on the profit of the sale made . That is, the difference between the commercial value and the tax cost or sale value. For example: a property is sold for 300 million. However, its tax cost is 200 million, so it is a sales profit of 100 million. Finally, the tax is established at 10% on that profit. Properties used as the main residence by the seller are exempt from this tax. Income tax on real estate Vietnam Email List This lien applies to sales of goods that have been in the seller's possession for less than 2 years. It is because it is considered liquid income. In addition, it must be paid once the corresponding income tax return has been made . The value of the tax is calculated taking into account the progressive table issued annually by the Treasury. Withholding Tax at Source This tax is collected at the time of legalizing the sale of the property. In this sense, the notary issues the collection of withholding at source. The amount corresponds to 1% of the sale value and must be paid by the seller or, failing that, the owner of the property. There is an exemption on this tax.
It applies when the property for sale has been the seller's home for more than 2 years. In this case the notary will subtract 10% from the value for each year since its purchase. For this exemption to be valid, the seller must present the following documents: Property purchase deed. Certificate of tradition and freedom. This document must demonstrate possession of the property for a period of more than 2 years. Copy of the property tax receipt. This must show an appraisal equal to or at least less than 15,000 UVT. Solvency of the payment of mortgage loans or property debts already paid. Registration and Charity Tax Registration of the new deed has a cost of 1.67% of the value of the registered sale. Your payment must be made at the public records office. In addition, this must be done within 2 months of signing or you will have to pay late payment interest. Regarding charity, the rates vary in each department. Due to this, it is necessary to confirm the amount to be paid at the corresponding tax office.