Introduction
In September 2024, companies in Colombia must be aware of the due dates for filing Transfer Pricing documentation. These deadlines are essential to avoid penalties and ensure compliance with tax regulations.
Important Dates to Remember
The filing deadline for the Informative Transfer Pricing Affidavit and Local Report is between September 10 and 23, according to the last NIT digit, regardless of its digit (Decree 2229 of 2023 – Ministry of Finance and Public Credit). Companies must ensure all the documentation is prepared and reviewed to comply with the requirements established by the DIAN (Dirección de Impuestos y Aduanas Nacionales – National Tax and Customs Directorate).
Non-Compliance Consequences
Failure to meet these deadlines may result in significant penalties. Companies failing to file Transfer Pricing documentation on time may face fines varying on the severity of the violation. In addition, failure to comply may lead to thorough DIAN reviews, which could result in tax adjustments.
Successful Filing Recommendations
In order to ensure successful reporting, it is advisable to carefully review the information requirements and use technological tools for the correct reporting preparation. In addition, the advice of Transfer Pricing experts can facilitate this process and ensure that all regulatory aspects are adequately covered.
Call to Action
Do not leave the filing of your Transfer Pricing documentation until the last minute. Please consult with our experts at TPC Group to ensure regulatory compliance and avoid penalties.
Source: Dirección de Impuestos y Aduanas Nacionales (DIAN) - Tax Deadlines September 2024
