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Did you know you can adjust the cost of your fixed assets in Colombia for 2024?
Good news if you own assets in Colombia!
Starting from the 2024 tax year, taxpayers can adjust the cost of their fixed assets by 10.97%, according to Article 70 of the Colombian Tax Code.
What does this mean?
Basically, you can update the tax value of your assets, which may help reduce your taxable income or capital gains when selling them.
First, what are assets?
In simple terms, assets are goods or rights with economic value that belong to a person or business.
They’re things you can use, sell, or that generate income.
Examples of assets include:
- Real estate: houses, apartments, commercial properties, land
- Shares or equity: ownership in companies or partnerships
- Vehicles and machinery: depending on the context
When we refer to fixed assets for tax purposes, we mean goods that are not acquired for resale, but rather held for use or long-term investment.
How does asset adjustment work in 2024?
If you’re planning to sell real estate or shares acquired before 2024, you’ll have two options to calculate their tax cost:
- Multiply the tax cost reported on your 2024 tax return by the adjustment rate applicable to that type of asset
- Multiply the original purchase cost by the adjustment rate corresponding to the year of acquisition, using the official adjustment table
📌 Examples:
- For urban real estate acquired in 1986 → the adjustment rate is 423.90
- For rural real estate in the same year → 418.58
- For shares or equity interests → 52.55
Each year has its own adjustment rate, so accurate calculation is crucial.
Why is it important to adjust the cost of your assets?
Because it allows you to account for inflation in the value of your assets.
This may lead to lower taxes on any gains when you sell.
In other words, it protects you from being taxed on gains that aren’t real in economic terms — just inflation.
At Nexo, we provide the proper guidance so this process doesn’t become a hassle.
If you need more information, contact us today!
📍 Schedule a free consultation today!
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Get started with a free case assessment
What will happen after you fill out this form?
After submitting the form, your case undergoes a comprehensive review by our team of specialist to assess its viability. Providing clear and concise information about your objectives accelerates this process.
Subsequently, a specialist will be assigned to your case, reaching out to you within a day to clear up details about your case and outline the next steps to help you achieve your goals.