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
The three VAT-free days will take effect on June 19, July 3 and July 19 of this year. Commercial premises that remain closed during the isolation will be excluded from VAT. The consumption tax, which is 8% of the service, will be suspended. On May 18, 2020, President Iván Duque, together with the director of … Read more
Between June 1 and July 1, 2020, legal entities and individuals must submit the exogenous information report for the taxable year 2019. In the case of large taxpayers, this report must be submitted between June 9 and 24 of the current year at the latest. The exogenous information report constitutes a set of data that … Read more
External Circular 100-000010 of May 26, 2020 of the Supersociedades extended for the fifth time the deadlines for filing the 2019 financial statements. The report must now be made from June 3 to June 30, 2020. See here the calendar with the new deadlines. “the Supersociedades has been forced to modify again the deadlines for … Read more
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
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