The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2023.
Colombia is implementing the Single Ultimate Beneficial Owners Registry
On 27 December 2021, DIAN, the Colombian Tax Authority, issued Resolution No. 164 implementing the Single Ultimate Beneficial Owners Registry (Spanish acronym – RUB), criteria for identification of ultimate beneficial owners, and reporting procedures.
The RUB becomes an integral part of Unified Tax Registry (RUT), which will serve as a tool for reporting beneficial ownership information as required by Colombian Tax Code. Affected legal entities will have to update RUT by adding obligation number 55 and further submit UBO information to DIAN in a prescribed digital format.
Companies incorporated before 15 January 2022 have to complete UBO registration by 30 September 2022. UBO information of companies incorporated as of 15 January 2022 will have to be reported within two months from the registration before tax authorities.