The 2019 tax reform proposal contemplates the creation of a sales tax -VAT- compensation mechanism in favor of the most vulnerable population. Upon reviewing the regulations, it is evident that such proposal has some structural gaps for its implementation. After the study and discussion of the report presented by the Government on the 2019 tax … Read more
The tax reform bill or Economic Growth Law was approved in the early morning of Friday, December 20. It will now pass to presidential sanction. Learn about the package of measures to which Colombians will have to pay attention as from January 1, 2020. The law has 152 articles and from the Government’s point of … Read more
After failing to reach an agreement between employers and workers in the negotiations, President Iván Duque announced the adjustment of the minimum wage for next year. The Government defined a 6% increase in the minimum wage in Colombia, which means an increase of $49,686. The increase will also be of the same percentage for the … Read more
Those indicated in Article 203 of the Code of Commerce and commercial companies that meet the requirements of paragraph 2 of Article 13 of Law 43 of 1990, must have a statutory auditor. In this editorial we mention the amounts of assets or income that generate such obligation. Commercial companies will have to verify again … Read more
The first installment of income tax for large taxpayers will be paid between February 11 and 24, 2020. Declaration and payment of withholding tax will also begin in February. In March, the bimonthly VAT payment will begin. Through Decree 2345 of 2019, the Ministry of Finance modified DUR 1625 of 2016 and established the deadlines … Read more
Decrees 2170 of 2017 and 2483 of 2018 introduced new standards that began to apply in 2019, the first impacts of which will be seen in the financial statements for this period. In this editorial we summarize the main changes that you should include in your reports. In the preparation of the 2019 financial statements … Read more
The measure requires compliance with 3 special requirements, which will cause sellers and buyers to face at least 6 major difficulties. In addition, this exemption will require the mandatory use of electronic invoicing and payment through financial channels. Articles 22 to 26 and 160 of Law 2010 of December 27, 2019 established that during the … Read more
Those obliged to keep accounting records, when they comply with the net worth or gross income ceilings established by law, must file their VAT, withholding tax and INC returns signed by a public accountant. Articles 512-6, 602 and 606 of the Tax Statute -ET- establish the cases in which the INC, VAT and withholding tax … Read more
Companies belonging to the orange economy will not pay rent for 7 years. They must have as their exclusive corporate purpose the development of technological value-added industries and creative activities. They must create a minimum number of jobs, which in no case may be less than 3. On February 26, 2020, President Iván Duque signed … Read more
Internal and external auditing and statutory auditing are aimed at evaluating compliance with the processes and regulations applicable to an entity. However, they differ, among other aspects, in their scope, functions and level of responsibility. The main differences between internal, external and statutory audit are explained below. Internal audit Internal aud iting focuses on the … Read more
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