Compliance
Compliance Spotlight: Managing Tax Reporting Obligations Across LatAm
Latin America enforcement is increasing. Here's how taxpayers can proactively meet reporting and filing duties to avoid penalties.
By NomadicTax Research Team • 5-8 min read • August 10, 2026
## Key Compliance Requirements to Track
- **Annual Income / Profit Tax Returns**: every country has specific deadlines—e.g., Argentina’s deadline extended for 2025 declarations until August 27, 2026. ([servicioscf.afip.gob.ar](https://servicioscf.afip.gob.ar/publico/sitio/contenido/novedad/ver.aspx?id=5823&utm_source=openai))
- **Monthly or Periodic VAT/Sales Tax filings**: ensure correct subclasses, zero-rating on exports, accurate invoice registers.
- **Information Reporting**: Many countries require reports of foreign bank accounts, beneficial ownership, large transactions, or digital service sales.
## Penalties, Sanctions, and Relief Options
- Enforcement is rising: Peru’s SUNAT is identifying “phantom companies” issuing false invoices, with over S/5,000 million in undue tax credit flagged. ([sunat.gob.pe](https://www.sunat.gob.pe/salaprensa/lima/index.html?utm_source=openai))
- Many jurisdictions offer **amnesty or relief programs**, such as interest/sanction reductions, if certain conditions are met. For instance, Colombia’s *Decreto Legislativo 240 de 2026* reduces sanctions if obligations were regularized by April 30, 2026. ([normograma.dian.gov.co](https://normograma.dian.gov.co/dian/compilacion/docs/decreto_0240_2026.htm?resaltar=DECRETO+240&utm_source=openai))
## Digital Tools & Local Electronic Systems
- Digital filing platforms are standard: electronic invoices, digital export contract registration (Argentina), or electronic VAT declarations.
- Always keep digital copies of communications with tax authorities.
## Example: Resident in Colombia With Foreign Income
You worked with international clients and received income abroad. You need to declare all income if you're tax resident. Use IR and complementary tax forms, claim foreign tax credits where applicable. Keep records of payments abroad, exchange rates, proof of tax paid.
## Steps to Improve Compliance Now
- Conduct a compliance gap audit: identify missing filings or unreported income.
- For pending obligations, check if relief programs apply (like Colombia’s Decreto 240).
- Use local professionals; tax regimes differ in language, definitions, and obligations.
Staying ahead of deadlines, using relief measures, and embracing local digital compliance infrastructure can reduce risk and improve peace of mind.