On October 6th the Department of National Taxes and Customs (DIAN) issued the Concept 995, which clarifies who is required to submit the annual statement of assets held abroad for the fiscal year 2015.

Regarding the issuance of the law 1739 of 2014 (latest tax reform) was added the Tax Code Article 607, in which the taxpayers are obliged to submit the income and complementary annual statement regarding their income from national and foreign sources, as well as its capital owned within and outside the country. As mentioned before, the obligated declarants should, just for information purposes, indicate the type, location and value of the assets held abroad by January 1st of each tax year.

Finally, it is important to note that who has not submitted the declaration concerned shall be submitted out of the deadlines proposed by the Tax administration, by calculating their penalty for not sending the information (DIAN Resolution 096 of 14 September 2015) and also the interests in arrears, in accordance with current regulations.