Andres Garcia With the declaration of the state of economic emergency, the national government issued a series of legislative decrees to grant tax relief to taxpayers. The state of economic emergency ended on April 17, 2020, 30 days after the issuance of Decree 417. On March 17, 2020, through Decree 417, the National Government declared, for a … Read more
The Government could temporarily relax the measures incorporated in the tax legislation in the last reforms. Deductions for cash payments may be limited, invoices and equivalent documents may be required as support for deductions in some sectors. COVID-19 has caused legal entities to ask themselves on a daily basis what they must do to stay … Read more
The Formal Employment Support Program -Paef- was created, which will be in effect for the months of May, June and July 2020. Subsidy equivalent to 40% of the minimum wage. The national government published Decree 639 of May 8, 2020, detailing the economic relief that will benefit small and medium-sized companies. One of them is … Read more
In this editorial we will review 7 main impacts of COVID-19 on financial reporting. The review of deferred taxes, the evaluation of the going concern assumption and exchange differences are some of the topics that should be given more attention. Exchange differences As a consequence of COVID-19, the Colombian peso has devaluated against other currencies, … Read more
Decree 401 of 2020 established the deadlines in which the payment of the wealth tax corresponding to 2020 must be made. The foregoing, in accordance with the provisions of Article 292-2 of the Tax Statute, as amended by Article 43 of Law 2010 of 2019. As from the amendments made to article 292-2 of the … Read more
Companies will have extension to pay income tax; SMEs will be able to pay it in December. Since April 13, 2020, Dian has returned to companies 50,000 million pesos for income and VAT. The State stopped receiving two trillion pesos, and it is estimated that 15 trillion pesos will not come in. José Andrés Romero, … Read more
For the fourth time, Supersociedades extended the deadlines for companies to report their 2019 financial statements, which will run from May 28 to June 26, 2020. In addition, they changed the deadlines for submitting the business practices report. The Supersociedades issued External Circular 100-000009 of May 8, 2020, by means of which it informed a … Read more
Jaime Cabal indicates that 336,000 entrepreneurs, natural persons, were left out of the subsidy. Alberto Carrasquilla acknowledged the error and natural person employers are already taken into account. Salomón Kalmanovitz says that the subsidy falls short because the Government did not want to impose taxes on large companies. The Minister of Finance, Alberto Carrasquilla, said … Read more
The Ministry of Finance and Public Credit made a series of amendments to Legislative Decree 639 of 2020, which created the Formal Employment Support Program (Programa de Apoyo al Empleo Formal -Paef-). In this editorial we offer you a parallel through which you may learn about the changes made to the Paef. The Ministry of … Read more
In Colombia, the proposal would allocate close to 40.5 trillion pesos (4% of GDP) to benefit close to 34.5 million Colombians affected by COVID-19. For ECLAC, the basic emergency income should be implemented immediately, with the prospect of remaining in place for a longer period of time. The Economic Commission for Latin America and the … Read more
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