As of next July 31, 2023, companies in Colombia must comply with a new requirement of the Directorate of National Taxes and Customs (Dian): the Single Registry of Final Beneficiaries (RUB). Although this measure was implemented in January 2022, its application had been gradual until now.
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The RUB is a mechanism aimed at legal persons and structures without legal status or similar, through which they must provide information on their final beneficiaries. As established in Law 2155 of 2021, “The final beneficiaries of legal status are natural persons who, individually or jointly, are owners or beneficiaries of 5 percent or more.»
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Differences in currencies vary according to several factors.
Likewise, the Law mentions that «The beneficiaries of structures without legal status are natural persons who have qualities such as: settlor, trustee, trust committee, trustee and anyone who exercises final control of assets and benefits.» This new requirement seeks to contribute to the fight against corruption, money laundering, tax evasion and terrorist financing.
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The Dian has indicated that companies that have concluded their commercial activity after January 15, 2022 are also required to register. To comply with this obligation, companies must access the Dian portal electronically, go to the tax section and look for the «RUB registry» option. From there, they only have to follow the steps indicated to complete the corresponding form.
It is important to take into account that failure to comply with this obligation can lead to sanctions ranging from fines, which will damage for each day of delay in registration, to penalties for providing false or incomplete information.
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