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Expat Community > Colombia

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Tax reporting exchange rates

9 months ago
My best regards to all you lucky forum members who are happily preparing their Colombian Tax Declarations for the 2023 Tax Year (Declarations to be submitted, and tax liabilities paid in the 2024 August, September period). Here are the END YEAR, December 31st, exchange rates I will be using to quantify all my overseas incomes/assets into Colombia Pesos – the rates for 2021 and 2022 are added to offer a dimension of currency rate movements.

US$/COP = 2021 (3981.16), 2022 (4810.20), 2023 (3822.05)

Euro/COP = 2021 (4527.77), 2022 (5134.41), 2023 (4222.60)

GBP/COP = 2021 (5393.28), 2022 (5787.15), 2023 (4873.11).

The above rates are those quoted by BANREP as the Tasa medias de mercado interbancarias sin margenes comerciales.

It is notable the 31/12/2023 rates are very similar to those for 31/12/2021, both being significantly lower than those existing one year ago. Accordingly, my 2023 Colombian Tax Declarations will declare disappointing (for DIAN) GLOBAL COP Incomes and asset values by virtue of the declining COP value of my foreign pensions/investments.

Once again this year (2023), I will declare the COP value of my foreign pension incomes, but immediately offset this income as an exemption in line with foreign pensions now being treated in a similar manner to local Colombian pensions….long may it live!!!!

Colombian Visa Services
Colombian Visa Services

SJB Global
SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB GlobalSJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

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Additional Information:

SJB Global
SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

SJB GlobalSJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

Contribute to Colombia Network Contribute
Help others in Colombia by answering questions about the challenges and adventures of living in Colombia.

Colombian Visa Services
Colombian Visa Services

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