Andres Garcia Decrees 401 and 435 of 2020 made changes to file and pay taxes. Dian announced that the filing of exogenous information for the taxable year 2019 will be postponed. Supersociedades modified calendar for filing financial statements of companies as of December 31, 2019. On Tuesday, March 17, 2020, the President of Colombia, Iván Duque, decreed … Read more
The Ministry of Labor adopted measures to mitigate the economic impact of the sanitary emergency on workers’ income, authorizing the partial withdrawal of severance payments and reinforcing the mechanism for the protection of the unemployed. It also establishes provisions related to the granting of vacations. In view of the state of emergency currently faced by … Read more
Asset impairment and impairment of the going concern assumption are two of the most adverse consequences of COVID-19 on entities’ financial reporting. Entities may have to amend the figures in their 2019 financial statements or include disclosures in this regard. Impairment of assets With the objective of performing year-end impairment tests, or those currently required … Read more
In the midst of the economic slowdown generated by COVID-19, it was established that applicants that are not qualified as high risk will be refunded in only 15 days. The Dian continues without prescribing the forms 210 and the one corresponding to the annual SIMPLE return. On April 10, 2020, the National Government, under the … Read more
If the 2020 income is decreasing, articles 808 to 810 of the ET and Dian Circular 044 of June 2009 contemplate the possibility that taxpayers who, at the close of 2019 were in the ordinary regime, may decrease their advance payment to the taxable year 2020 tax. These days, the vast majority of taxpayers of … Read more
The private sector should develop and implement risk management practices with contingency plans. Risks in all operations and the supply chain should be understood. Is the government able to make key decisions and plan for business and financial scenarios? The report reveals that the consequences of the pandemic include an increased need to support public … Read more
The recommendation is that companies define financial administration, cash management and working capital policies; review cash flows related to advance payments, withholdings and provisions; and estimate the impact on financial reporting. The effects of the COVID-19 pandemic and its impact on business activity are uncertain and even complex to estimate. The changing and unpredictable nature … Read more
Decree Law 560 of 2020 explains a series of special transitional measures regarding corporate insolvency. The measures will be in force for two years and are based on four pillars, which are explained below. Among the most recent measures taken by the national government is the issuance of Decree Law 560 of April 15, 2020, … Read more
Through Legislative Decree 560 of 2020, the Ministry of Commerce adopted transitory measures regarding the insolvency regime. The aforementioned, with the purpose of mitigating the economic effects derived from the spread of COVID-19, seeking business recovery and preservation. The Ministry of Commerce, Industry and Tourism, through Legislative Decree 560 of April 15, 2020, adopted transitory … Read more
Supersociedades reported a new extension in the deadlines to submit financial statements for 2019: they would start on May 13. IASB explained how IFRS 9 – Financial Instruments should be applied during the period of economic uncertainty generated by the coronavirus. In this editorial we relate the accounting measures related to legal entities during the … Read more
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