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
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
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