Through Legislative Decree 688 of May 22, 2020, the Ministry of Finance adopted transitory tax measures to face the effects derived from the economic emergency due to COVID-19. The interest rate is reduced for debts resolved until November 30, 2020. Through Legislative Decree 688 issued by the Ministry of Finance on May 22, 2020, the … Read more
Using the powers of Article 808 of the ET, the Government reduced to 25%, and even 0%, the value of the advance payment of income tax for the taxable year 2020 for several taxpayers of the ordinary regime affected by the current economic crisis generated by the COVID-19 pandemic. In a rather late manner, and … Read more
Credit bureaus will have 6 months to eliminate the negative report of users. All credit information consultation by users of the system must be free of charge. There will be no reports in credit bureaus during the COVID-19 health emergency. After the endorsement given by the plenary of the House of Representatives to the Law … Read more
By means of Legislative Decree 682 of May 21, 2020, the Ministry of Finance established the VAT exemption for certain movable tangible goods that are sold within the national territory. The three days without VAT will take place between June and July of the current year. Through Legislative Decree 682, issued by the Ministry of … Read more
Micro-companies, unlike SMEs and large companies, must prepare abbreviated financial statements and are therefore obliged to submit fewer reports. Here we tell you how the mandatory set of financial statements for micro-companies is composed. Micro-companies in Colombia are classified in convergence group 3 and for this reason are not obliged to apply the International Financial … Read more
Through Legislative Decree 807 of June 4, 2020, the Ministry of Finance provided new indications on the process of refund and/or compensation of credit balances established in Decree Law 535 of 2020. In addition, transitory modifications are made to Article 855 of the ET. Two days before the end of the state of economic emergency … Read more
With Legislative Decree 789 of June 4, 2020, the Ministry of Finance adopted transitory tax measures on the exclusion and exemption of VAT for certain economic activities. The above, in order to promote the Colombian economic reactivation after the crisis generated by COVID-19. As a consequence of the current economic crisis faced by the country … Read more
One of the most awaited seasons by accounting professionals is approaching, since as of August 11, 2020, the deadlines for filing the income tax return of individuals for the 2019 period begin. In compliance with the tax obligation that corresponds to natural persons in relation to income tax, they must resort to the schedular model … Read more
Measures for better tax collection are urgent because the 2008 crisis made it clear that tax evasion by the wealthy is immense. Tax avoidance has left governments with fewer resources to meet the critical priorities left by the pandemic. The Independent Commission on International Corporate Tax Reform – ICRICT – proposes in its report The … Read more
When the exogenous information report is not submitted within the established deadlines, is submitted with errors or does not correspond to what was requested, the penalties set forth in article 651 of the ET will be applied. However, in certain cases these penalties may be reduced. In relation to what is set forth in article … Read more
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