The measure requires compliance with 3 special requirements, which will cause sellers and buyers to face at least 6 major difficulties. In addition, this exemption will require the mandatory use of electronic invoicing and payment through financial channels. Articles 22 to 26 and 160 of Law 2010 of December 27, 2019 established that during the … Read more
Those obliged to keep accounting records, when they comply with the net worth or gross income ceilings established by law, must file their VAT, withholding tax and INC returns signed by a public accountant. Articles 512-6, 602 and 606 of the Tax Statute -ET- establish the cases in which the INC, VAT and withholding tax … Read more
Companies belonging to the orange economy will not pay rent for 7 years. They must have as their exclusive corporate purpose the development of technological value-added industries and creative activities. They must create a minimum number of jobs, which in no case may be less than 3. On February 26, 2020, President Iván Duque signed … Read more
Internal and external auditing and statutory auditing are aimed at evaluating compliance with the processes and regulations applicable to an entity. However, they differ, among other aspects, in their scope, functions and level of responsibility. The main differences between internal, external and statutory audit are explained below. Internal audit Internal aud iting focuses on the … Read more
Households in poverty and extreme poverty levels will be identified through Sisbén. A selection will be made by territorial entities, giving priority to departments and municipalities according to poverty concentration levels, total population and coverage of social programs. Through a draft decree, the Ministry of Finance seeks to regulate the VAT refund mechanism for the … Read more
The Dian regulated the tax deadlines set in the Growth Law and included the changes made due to the coronavirus pandemic and its effect on several industries. Due to the spread of the coronavirus in Colombia, the National Tax and Customs Directorate (Dian) gave the go-ahead to change some dates for tax returns and payment … Read more
The Supersociedades extended the deadlines for companies to submit their 2019 financial statements, due to the contingency situation in the country as a consequence of COVID-19. In this editorial we relate the new deadlines, as well as the information and those obliged to report. The Superintendence of Companies -Supersociedades- issued on March 17, 2020 External … Read more
By means of Resolution 011004 of October 29, 2018, the Dian indicated the content and technical characteristics for the presentation of the exogenous information report for the taxable year 2019. Taking into account the emergency due to the spread of COVID-19, the Dian, through Resolution 000027 of 2020, extended the deadlines to comply with this … Read more
It is appropriate for entities to consider the impact of the pandemic on accounting conclusions and related disclosures. Entities may need to assess whether the impact of COVID-19 has led to impairment of any assets. In its IFRS in Focus section, Deloitte publishes the report Accounting considerations related to Coronavirus disease 2019, the purpose of … Read more
Through Decree 419 of March 18, 2020, the Ministry of Finance regulated the criteria for the recognition and payment of compensation in favor of the most vulnerable population. This program would start in April, as a measure to mitigate the economic vulnerability of households affected by COVID-19. After having published a draft decree through which … Read more
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