Find Out What the Tax Value Unit Works for and How Much It Will Increase in 2024
Tax attorney Daniela Morales was mentioned in an article published by La República about the update of the Tax Value Unit (UVT) in Colombia for the year 2024. The UVT was set at $47,065 Colombian pesos, reflecting an increase of 10.97 percent compared to the current year. Ms. Morales explained that the UVT is used to update minimum amounts related to taxes such as income and wealth, simplifying the legislative update without the need for annual modifications. She highlighted that measuring the UVT is a convenient way to update the legislation.
“It is a practical way to update the legislation without making it necessary to modify through a law the tax provisions that require it every year,” she said.