The Colombian Tax Authority (DIAN) has published Ruling 20916 of 2017, which clarifies the tax obligations for foreign investors when selling shares listed on the Colombian stock exchange. In general, the sale of listed shares is only subject to income tax if the shares sold represent more than 10% of the total shares of the listed company within a single year. Where a foreign beneficial owner exceeds that threshold, a tax return must be submitted within one month following the sale.