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
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
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
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
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
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