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This article was curated by Leonardo Olaya
Jun 19, 2024 – 10:39 am
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The 4×1,000 tax in Colombia is going to disappear from 2024 for some people. The above is due to an initiative that sought to encourage the banking of households that, in the country, continue to make greater use of cash.
The proposal was born precisely in order to have more judicious control of citizens’ financial accounts and so that more and more banked media are used.
(See also: Savings accounts that are exempt from the 4×1,000, relief for some Colombians)
The elimination of the 4×1,000 in Colombia will take place from December of this yearas stipulated in the standard.
The change was approved by the Congress of the Republic when it endorsed the tax reform presented by the government of President Gustavo Petro during the year 2022.
More details of what is coming for the 4×1,000 in Colombia
With this as a basis, the reform says that accounts with monthly transactions up to 350 UVT (Tax Value Unit) They will no longer have to pay this tax in Colombia.
The above translates into the 4×1,000 in Colombia will not apply to people who, among their savings accounts, do not exceed $16.4 million per month in transactions.
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The measure had been approved in 2022, but a period of two years had been given to repeal the measure that was born to help banks in the midst of a 1999 crisis, but the resources were later delivered to the State.
At first, this tax started out at 2×1,000 and was intended to be a temporary tax.
Recommended: This is how the 4×1,000 tax works in Colombia for savings accounts
Several important industry players have announced that eliminating that 4×1,000 in Colombia It could continue to motivate people to have banking services such as savings accounts.
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