What is magnetic information and when to file it

As experts in tax services in Colombia, we are aware that technological advances have allowed us to considerably improve everything related with communication and sending information electronically between companies and government entities. A clear example of this is the National Tax and Customs Directorate (DIAN), which requests to present magnetic information in digital format to taxpayers. Thus, they avoid the reception of large volumes of printed documents to streamline their processes.

What is magnetic information?

Said information is a set of data generated when carrying out financial operations with clients or third parties. As it is expected, companies and individuals must periodically report each of the earnings received from offering a service or product.

It has been established, each of the reports that are prepared must be delivered in a specific format, such as XML, so that the figures that refer to a certain cycle can be clearly considered. Furthermore, all XML files have the particularity that they can be easily read by any computer system.

What is the main objective of presenting such information by magnetic means?

Each one of the bookkeeping processes carried out by companies must be approved by and reported to DIAN. By verifying the data reported, Tax Office can detect:

• All individuals obligated to file income tax periodically.
• If it is necessary to make refunds to taxpayers.
• Verify whether any inconsistencies in the information reported by the taxpayers.

When should exogenous information for the year 2021 be submitted?

In accordance with rules set in resolution 000098 of 2020 and 000147 of 2021, at the time of submitting the information, they must ensure that the last two digits of the tax identification number match with the calendar for the taxable year 2021 found in the DIAN page.

In which cases should it be filed?

Not all people have to submit it. Take into consideration the following: if you are an individual or company and you are within the income limits that have been set by the Tax Office and advised by the tax services office in Colombia, you are among those who must file it. Some of the requirements are:

1. If during the year 2020 or 2021 you have obtained income greater than 500 million pesos and the sum of your gross income obtained based on capital income or non-labor income is above 100 million pesos.
2. People and public or private companies that have had gross income greater than 100 million pesos.
3. All those who receive capital income or non-working income and who, according to the law, are obliged to pay income tax, sales tax, and stamp duty, in the tax period of the year 2021.

What may happen if I do not submit such information by the indicated means?

As indicated by article 289 of the tax reform law 1819 of 2016, there is a penalty for those people or companies that do not file this report. It also applies in cases where it is not filed before the due date or inaccurate data. It is a fine that goes below 15,000 tax units, considering that each one sets a cost of $33,156. On this note, it is important that you receive the help of a bookkeeping consultant in Colombia so that you do not get fined for it.

The obligation to file magnetic media is the duty of every taxpayer person or company. Likewise, if you need more information on how to create your business, you can go get assistance from an accountant in Bogotá who will be ready to help you.