Once the income tax return is filed, it will take a period of 3 or 5 years to become final before the Dian or 6 or 12 months if the audit benefit is granted. This is a legal condition with which the return can no longer be modified by the tax administration or the taxpayer. … Read more
At the Ministry of Labor, the first meeting of the labor and wage policy negotiation table, in which employers, labor unions and the National Government will participate in order to define next year’s minimum wage, was held at the Ministry of Labor. Although a first formal proposal for the adjustment of the minimum wage was … Read more
The National Administrative Department of Statistics (DANE) released the inflation figure for the month of October with 12.22%. For this month of October, the highest price variations were recorded in food and non-alcoholic beverages, which for October 2021 was negative, -0.06%; in October 2022 the variation was 26.17 times higher than this figure. Likewise, the … Read more
According to article 868 of the Tax Statute, the tax value unit (UVT) is the measure of value that allows adjusting the values contained in the provisions related to taxes and obligations administered by the Dian. Said value is readjusted annually according to the variation of the consumer price index -CPI- for average income, certified … Read more
If you were waiting for December to arrive to take advantage of the VAT-Free Day and use that thing you were missing, stop doing it, because the government would have put an immediate end to this figure. According to what was known and confirmed by the Minister of Finance, José Antonio Ocampo on Tuesday afternoon, … Read more
On October 24, 2022, the Dian issued Circular 000007, by means of which it established measures to prevent electronic billers from demanding from the purchasers of goods and/or services, additional requirements to those contemplated in the law and in the regulations issued by the Dian for the generation and issuance of the electronic sales invoice … Read more
On Thursday, December 15, 2022, President Gustavo Petro announced the new rules that will apply as from 2023, regarding the minimum wage in the country and the transportation allowance. Said norm established the increase of the minimum salary by 16% with respect to the previous year, i.e. $ 1,160,000. On the other hand, the transportation … Read more
In the last few weeks Colombia has started negotiations to define the minimum wage for 2023. Trade unions, economic associations and the national government are part of the negotiation table. It should be recalled that in order to define the minimum wage, factors such as productivity, GDP, economic growth and inflation must be taken into … Read more
The new president of Colombia, Iván Duque, has said that he sees no sense in giving the green light to the project that seeks to eliminate the three zeros from the national currency. For him it is costly and unnecessary. Asobancaria bets more on accelerating the process of implementing a new family of banknotes. Last … Read more
The accounting treatment of accounts receivable incorporates different principles, including impairment indicators. These give indications that an item should be impaired or not. Among the indicators is that it is probable that the debtor will go bankrupt. We will now answer the following question: What accounting treatment should be applied to the accounts receivable of … Read more
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