On June 6, the president of Grupo Aval, Luis Carlos Sarmiento Gutiérrez, surprised the country by saying that he believes it is time to eliminate the 4×1000. This, referring to the liquidity of the banking system, so he suggested that financial education and the elimination of the tax would be excellent sources of liquidity.
“Another excellent source of liquidity for the system would come from clients convinced of the benefits of transacting through banks and not in cash,” he said. In this regard, he pointed out that this measure would have a positive effect in the long term.
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As you will remember, the Financial Movement Tax (4×1000) is a charge that applies to money movements in bank accounts, such as withdrawals, deposits and transfers. The application of this consists of charge $4 for each transfer of $1,000 for savings accounts that move more than $14.8 million.
However, There is the possibility of exempting a savings account from this tax, which means significant relief for the holders of said accounts.. To request the 4×1000 exemption, certain requirements stipulated by banking entities must be met. The following must be met:
- That the savings account has a single owner, that is, there should be no other co-owners in the account.
- It is mandatory not to have another savings account exempt from the 4×1000 in any bank, since the benefit is only granted to one account per person.
- According to banking regulations, Monthly movements in the account must not exceed $14.8 million, since, if this amount is exceeded, the tax will be charged starting the following month.
The process to request the exemption may vary between different banking entities, however, in general terms, it includes typical steps. Customers must follow the following steps:
- Communicate directly with your banking entity, either through virtual banking, the customer service telephone line, or by going in person to a branch.
- Once communication is established, they must request the 4×1000 exemption in their savings accounts. After, The banking entity will inform them of the documentation necessary to process said request, generally including the original identity document and proof of ownership of the savings account.
- Once all the required documentation has been submitted, the bank will proceed with the application and, if approved, the account holder will be informed.
“The exemption applies, in most cases, from the month following the request”, according to various banking sources. It is important to note that this process can significantly help savings account holders save money by freeing themselves from paying tax.
However, holders should be attentive to movements in their accounts. “If monthly movements exceed $14.8 million in a month, the tax will be applied starting the following month,” the rule says. Besides, The 4×1000 exemption can be canceled at any time at the request of the account holder, providing flexibility to users.
Increasinglybanking users look for options to optimize their savings and minimize the costs associated with managing their money. Understanding how to apply for the 4×1000 exemption and the necessary criteria helps you make more informed financial decisions.
“It is an opportunity that not only represents savings, but also efficient management of personal resources,” highlight financial experts, who emphasize that doing this procedure may seem simple, but the economic impact of not paying the 4×1000 tax can be significant.
